DUBAI, United Arab Emirates, June 2, 2015 /PRNewswire/ -- Today, Ahmad Hamad Algosaibi & Brothers ("AHAB" or "the Company") and the claimant banks' Steering Committee presented improved settlement terms to the wider group of financial institutions with claims against the company.
The meeting is the culmination of six years of stalemate and the combined group will now proceed in finalizing agreement documents, which will be presented to Saudi Arabian authorities to initiate an implementation plan.
84 percent of claimant institutions are engaged in the process and the SteerCo has initiated the next level of engagement, including the distribution of previously restricted documents to claimants and the collection of feedback in order to produce a final, binding agreement from the participants.
"The company has made the best offer it can and the meeting was constructive," said Simon Charlton, Acting CEO and Chief Restructuring Officer of AHAB. "I am cautiously optimistic that we will now proceed to a formal settlement, but there is a long way to go. We look forward to presenting the terms to the Saudi Authorities alongside the SteerCo and their advisors so that the process can be agreed with the enforcement court."
SOURCE Ahmad Hamad Algosaibi & Brothers