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Sunday, April 26, 2015

Saudi Cable Signs SR640 Million Debt Restructuring Deal

Per www.globalinsolvency.com:

Fri., April 24, 2015

Saudi Cable Company has signed a deal with three of its main lenders to restructure SR640 million ($170.7 million) of debt, it said in a statement, Arab News reported. The debt will be restructured over a period not exceeding eight years, it said without naming the lenders or giving other details of the restructuring. The company maintains “normal operational relationships” with one of its lenders, from which it has borrowed SR112.9 million, although it has not complied with covenants on those loans, Saudi Cable added. It is holding talks with another bank about the possibility of restructuring a further SR99.6 million of debt, with an agreement expected to be reached before the end of the second quarter, it said.

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