DUBAI, United Arab Emirates – The acting CEO of a Saudi firm that has owed $6 billion in debts since a 2009 crisis says he's hopeful a tentative agreement being offered to its creditors will be accepted.
Simon Charlton, speaking Thursday to The Associated Press on the sidelines of a meeting in Dubai, said he believes a Saudi court would accept the deal if creditors back it.
Charlton says he's hopeful that his firm, Ahmad Hamad Algosaibi and Brothers Co., will present the deal to the court before the Muslim holy fasting month of Ramadan begins in July.
The eastern Saudi Arabia-based company made a series of bad loans to some 110 international banks and institutions. It alleged fraud by a now-estranged family member caused the debts, something denied by the family member.