Algosaibi to meet creditors in weeks, resolution eyed

Saudi conglomerate Ahmad Hamad Algosaibi & Bros plans to meet creditors within weeks in a bid to reach a global settlement with lenders, sources said on Sunday, as around $10 billion in outstanding obligations loom.

The debt implosion at Saudi firms Algosaibi and Saad Group has sent shockwaves through the region, left foreign and local banks facing massive debt exposures and sparked a flurry of litigation around the globe. Some bankers say the total cost of writedowns from both groups may hit $22 billion and affect 120 banks. "The family wants to reach a global settlement," said a source familiar with the situation, who declined to be identified. "At the moment, nothing is off the table, it's a conversation."