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Article: Saudi Arabia : Saudi Arabias Algosaibi Said to Owe $9.2 Billion to Banks.
- Article from:
- TendersInfo
- Article date:
- June 26, 2009
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Byline: sander03
Ahmad Hamad Algosaibi & Brothers Co., the Saudi family holding company whose Bahraini bank has defaulted, owes 34.6 billion Saudi riyals ($9.2 billion) to more than 100 banks, two people familiar with the situation said.
The Algosaibi group held a meeting with creditors in Bahrain June 24 to ask for a grace period of 90 days to investigate the debt, said one person involved in the talks, who declined to be identified because the information is confidential. A spokesman for the company had no immediate comment when contacted by Bloomberg News.
Algosaibi said June 11 it had discovered substantial irregularities within its ...