DAMMAM: Saad Group announced yesterday its plan to restructure the debt of subsidiaries affected by the global financial crisis.
“Recent external events (and) more recent events, specifically affecting the Bahraini banking sector, have led to a short-term liquidity squeeze affecting Saad Group companies in the Middle East,” it said in a statement.
“We are continuously striving to mitigate the effects of this limited squeeze, and are also planning for an orderly restructuring of the debt of affected companies in cooperation with our counterparties and international advisers,” it added.
The statement said the group appointed two leading international consultancy firms to help carry out the restructuring process.
“We’ll soon conclude an agreement with a leading European bank to manage relations with local, regional and international banks,” the group said.
The statement said the group’s operating accounts were not affected.
“We’ll work seriously to get out of this problem and we are confident that we can overcome this problem,” it added.