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Saad in deal with local creditors, says SAMA
- Saudi Arabia: Tuesday, September 29 - 2009 at 08:56
Muhammad al-Jasser, governor of Saudi Arabia's Saudi Arabian Monetary Agency (SAMA), has said that Saad Group has reached an agreement with Saudi creditors to repay syndicated and bilateral loans, Reuters has reported. Two bankers had said on September 17 that a Saudi government panel had brokered a deal between local creditors and Saad Group. One banker said the deal covered repaying syndicated loans worth $700m and bilateral loans of unknown volume. The banks agreed to a 15% haircut on the outstanding debts to reach the accord.
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StaffTuesday, September 29 - 2009 at 08:56 UAE local time (GMT+4)
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