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A Saudi court has accepted the application of the heavily indebted businessman and his company to resolve their case through the new bankruptcy law in the kingdom, told Reuters the financial advisor of the Saudi billionaire Maan al-Sanea.
"This is an important step for all concerned since 2009," said Ahmed Ismail, managing director of Remas Consulting, who was appointed financial advisor to the Saad group at the end of 2017 to reach a settlement with creditors .
"Regional and international creditors account for over 85% of the total debt, and some have been advised to apply under the bankruptcy law.
"Since this step is in one way or another consistent with international and regional commercial legal practice, the chances of success are much greater."
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