Saudi's Algosaibi says creditors to get min 20 cents on dollar under debt plan

DUBAI Wed May 7, 2014 7:25am EDT

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DUBAI May 7 (Reuters) - Saudi Arabian family conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) said on Wednesday it had proposed a debt restructuring plan to creditors that would see them repaid a minimum of 20 cents on every dollar owed.

AHAB said in a statement that, under the proposal unveiled at a creditor meeting in Dubai, the firm would pay 10 percent of claims as an upfront payment and would target a total recovery for creditors of between 40 and 60 percent of their due cash.

The firm added it has around $6 billion of direct liabilities to banks and other financial institutions. (Reporting by David French; Editing by Louise Heavens)

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