Algosaibi family looks to rebuild

RIYADH. The Algosaibi family is keeping most of their company’s operating businesses as part of a deal with creditors and will eventually look to restore them by going back to the credit market, according to Simon Charlton, the Saudi conglomerate’s chief restructuring officer.

“Clearly we need to go through the restructuring, there are various steps we need to undertake to meet our obligations under the agreement,” Charlton said.

“But we are looking where it would make the most sense and at what sort of level to return to the market in the hope that that will bolster the businesses and allow them to become more involved and return to their former glory,” he said.

Ahmad Hamad Algosaibi & Brothers Co has been locked in legal battles and negotiations with creditors over $7.5 billion of debt since 2009.