Binladin Group, Saudi Arabia’s largest contractor, has announced plans to hold a virtual conference with lenders to restructure its loan repayments and recapitalise the company.
According to Reuters, the company is struggling with "billions of dollars" of debt, and will suggest that creditors work with Binladin on new projects once they are provided with loan recovery options.
Last year, the company appointed American banking conglomerate Houlihan Lokey as its financial adviser.
Arun Reddy, Houlihan Lokey’s managing director, is quoted by Reuters as saying: "There will be no contracting business without the continued support of the lenders, and the transaction has been designed intelligently to capture stakeholders support and position the business for an immense opportunity ahead."
Binladin is due to provide more information on 5 April.
Image: Binladin Group is the main contractor on the Jeddah Tower, set to be the world’s tallest building (S.Nitzold/CC BY-SA 4.0) (S.Nitzold/CC BY-SA 4.0)