Showing posts with label Saad. Show all posts
Showing posts with label Saad. Show all posts

Tuesday 28 January 2020

Setback for Golden Belt Sukuk Holders

Worth Its Weight in Golden Belt Sukuks
On 27 January Citibank who are acting as Delegate for the Golden Belt Sukuk (the Company) advised that:
On 25 December 2019, the trustee of the financial reorganisation of Saad and Maan Al-Sanea pursuant to the Bankruptcy Regulation (Kingdom of Saudi Arabia Royal Decree No. M/50) informed that the Commercial Court in Dammam had rejected including the claims of the Company and the Delegate in the financial reorganisation. On 1 January 2020, the Company and the Delegate filed appeals against these decisions. The appeals will be decided by the Court of Appeal of Saudi Arabia

It’s highly likely that the estate-in-reorganization is insufficient to pay creditors a significant portion of their outstanding dues. Nevertheless, this is a setback for Sukuk holders.

Earlier posts on Golden Belt (10 in all) can be accessed using this link.