DUBAI May 7 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)