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- Alba hits 38 million safe working hours without LTI
- Rolls-Royce shares surge as engine maker lifts outlook
- Gulf Bank concludes the third edition of its 'Fekrety' innovation competition
- AD Ports in deal to develop Egypt crude oil storage network
- Abu Dhabi hotels' revenue tops $185m in May
- NMDC Group revenues hit $3.65bn in H1
- Barq marks 1st year with 7 mln users & SR73 bln in transactions, powering Saudi Arabia's digital shift
- Saudi Arabia Launches New Industrial Projects in Eastern Province
- Amazon profits surge 35% as AI investments drive growth
- Saudi Aramco reduces August propane, butane benchmarks
13/06/2011 00:00 AST
Saudi steelmaker Al-Tuwairqi Group has signed a $1.9 billion debt restructuring of bank loans, London-based Meed said, citing anonymous bank lenders.
Final documentation for the restructuring has been signed by a group of 26 banks including National Commercial Bank, National Bank of Kuwait and Standard Chartered.
Restructuring details were not disclosed but banks are not taking a haircut on the principal loans made to the company.
'This is probably the largest debt restructuring to have been completed so far in Saudi Arabia, so it is a significant achievement,' one Riyadh-based banker told Meed.
Executives at Al-Tuwairqi were not immediately available to comment.
The restructuring has been in the works since late 2008 after an Al-Tuwairqi unit -- Al-Ittefaq Steel Products -- took a hit from a sharp drop in steel prices.
HSBC was hired in 2009 to advise the company on the restructuring.
Reuters
23/06/2011
Saudi steelmaker Al-Tuwairqi Group has signed a SR7.5 billion debt restructuring deal with 18 local and international banks that would allow its subsidiary, Al-Ittefaq Steel Products Company (ISPC) t
Arab News
17/08/2009
The private Saudi-based Al-Tuwairqi Holding Company will start production at a new steel complex in 2010 which would reduce its steel pellets imports to nil by next year, a senior company executive s
Reuters
25/06/2009
HSBC Holdings Plc, Europe's biggest bank, was hired by Al-Tuwairqi Group to oversee a restructuring of bank loans after the Saudi steelmaker was hurt by falling prices, a person familiar with the si
Bloomberg
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01/08/2025
Aluminium Bahrain B.S.C. (Alba), the world's largest aluminium smelter on one site, proudly celebrates achieving 38 million safe working hours without a Lost Time Injury (LTI) on July 31.
Th
BNA
01/08/2025
In line with its commitment to fostering innovation and creativity, Gulf Bank has successfully concluded the third edition of its internal innovation competition, "Fekrety"2025. The initiative aims t
Kuwait Times
01/08/2025
AD Ports Group, a leading global enabler of trade, logistics, and industry, has signed an agreement with Egypt's Ministry of Petroleum & Mineral Resources; and TCM Project Management, a Dubai-based c
Trade Arabia
01/08/2025
NMDC Group, a global leader in engineering, procurement, construction, and marine dredging, reported a revenue of AED13.4 billion ($3.65 billion) for the first six months of 2025, representing a 10 p
Trade Arabia
01/08/2025
Saudi Aramco has reduced its official selling prices for liquefied petroleum gas for August 2025.
The state energy giant on Thursday set propane at $520 per tonne and butane at $490 per tonn
Arab News
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