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