Saudi conglomerate to repay $1.9B to banks after law change

DUBAI, United Arab Emirates (AP) — A Saudi company that owes billions of dollars will pay banks back $1.9 billion after an agreement was reached with creditors following more than decade of efforts. The website of the Abu Dhabi-based The National newspaper on Wednesday quoted business conglomerate Ahmad Hamad Algosaibi and Brothers as saying that a new Saudi bankruptcy law made the restructuring possible. Under the deal, AHAB will pay lenders the $1.9 billion in settlements through a mix of cash, traded shares, real estate and proceeds from the sale of one of the company’s investments. The amount proposed is equal to about 26% of the $7.3 billion the company owes in debt claims.