Al-Gosaibi” Restructuring Settlement 10 Top Beneficiaries, Highlighted”

14 Sep 2021

Maaal Riyadh

The financial restructuring of Ahmed Hamad Algosaibi & Brothers Business will benefit ten Saudi banks and a telecom company.

As much as 94.29% of the ailing group’s creditors, since 2007, have recently voted to accept the financial reorganization.

Their claims are worth approximately SR7.5 billion, in total. The Dammam Commercial Court’s First Commercial Chamber approved it.

اقرأ المزيد

Below a table showing the list of claims for Saudi banks:

	Creditor	Credited by Saudi Riyal
1	Al-Rajhi Bank	1,538,661,525
2	The Saudi Investment Bank	1,500,000,000
3	Al-Ahli Bank	1,267,482,611
4	SAAB	774,193,227
5	Arab National Bank	667,249,171
6	Bank AlJazira	611,546,053
7	Riyad Bank	521,980,569
8	Al Bilad Bank	309,779,364
9	Saudi Frensi	211,296,104
10	Gulf International Bank – Saudi Arabia	112,028,250
11	STC	439,048
Total Claims to Saudi Banks		7,514,655,922

Last week, creditors voted on authorized claims totaling SR27.818 billion.

The debts of those who voted to accept the financial reorganization totaled SR26.964 billion, indicating that not all of them voted on it.

They agreed to accept the proposition put up by 94.29% of the creditors, with claims totaling SR25.426 billion.

According to the information, the creditors were divided into five groups, the first of which included professional fees and costs, with total claims totaling SR34.879 million. Government claims totaling SR25 million were included in the second group.

The list of unsecured debtors, with a total value of SR25,693 billion, was in the third category. While the fourth group consistsed of claims that are subject to clearing and totaled SR1.693 billion, finally, the list of claims susceptible to partial settlement, stood at total value of SR372.477 million, was included in the last group.

The following table shows the value of the claims according to each group (the figures are in SR):

Creditor	Total Credit	Total Voters Credit	The total number of votes	%	Nots
Group 1	34,878,637	34,878,637	34,878,637	100	Expenses for creditors and authorities
Group 2	25,000,000	25,000,000	25,000,000	100	Government credit
Group 3	25,693,094,821	24,839,413,304	23,300,751,779	93.81	General unsecured creditors
Group 4	1,692,839,614	1,692,839,614	1,692,839,614	100	Unsecured general creditor
Group 5	372,477,450	372,477,450	372,477,450	100	Claims subject to partial settlement
Total	27,818,290,522	26,964,609,005	25,425,947,480	94.29	——

The following table shows the total value of all creditors’ claims, as well as their distribution based on claim acceptance and rejection, and sorted by highest value:

	Creditor	Credited by Saudi Riyal	Accepted/ Rejected
1	International Banking Corporation – closed	11,402,302,662	Only 73.6% accepted
2	Saad Trading, Contracting and Financial Services Company	6,334,034,533	Rejected
3	Maan Abdul Wahed Abdul Majeed Al Sanea	5,373,112,500	Rejected
4	Al Rajhi Banking and Investment Company	1,538,661,525	Accepted
5	The Saudi Investment Bank Company	1,500,000,000	Accepted
6	National Commercial Bank	1,267,482,611	Accepted
7	Mashreq Bank	1,248,282,165	Accepted
8	Gulf bank	983,253,520	Accepted
9	British Saudi Bank	774,193,227	Accepted
10	Arab national Bank	667,249,171	Accepted
11	Abu Dhabi Commercial Bank	653,727,450	Accepted
12	Al Jazeera Bank	611,546,053	Accepted
13	Arab Bank	575,012,518	Accepted
14	Burgan Bank	553,024,854	Accepted
15	Riyad Bank	521,980,569	Accepted
16	Gulf International Bank	513,609,106	Accepted
17	Standard Chartered Bank	498,277,971	Accepted
18	Khaleeji Commercial Bank	463,598,901	Accepted
19	Islamic Development Bank	459,321,301	Accepted
20	Arab Islamic Bank	456,202,925	Accepted
21	Trading Bank	408,792,996	Accepted
22	Dubai Bank	393,124,575	Accepted
23	B N B Barbiea	381,390,323	Accepted
24	Emirates NBD Bank	363,991,582	Accepted
25	Portegon Bank AG	336,436,952	Only 78.7% accepted
26	Arab Banking Corporation	317,651,064	Accepted
27	Credit Agricole Bank for Finance and Investment	316,040,490	Accepted
28	The National Bank	309,779,364	Accepted
29	Barclays Bank plc	286,312,500	Accepted
30	Deutsche Bank AG	278,573,684	Accepted
31	THE HONG KONG AND SHANGHAI BAKING CORPORATION LIMITED	254,914,455	Accepted
32	National Union Bank	224,321,054	Accepted
33	Commercial Bank of Kuwait	222,917,222	Rejected
34	Bank Muscat Branch	212,126,768	Accepted
35	Banque Saudi Fransi	211,296,104	Accepted
36	Bahrain Islamic Bank	204,816,735	Accepted
37	JP Morgan Europe Ltd HSBC Bank	160,875,000	Accepted
38	Middle East Limited	157,438,969	Accepted
39	Kuwait Finance Bank	150,000,000	Accepted
40	MUFG Bank Limited	150,000,000	Accepted
41	Qatar International Bank	150,000,000	Accepted
42	SPV Capital Fund Nq Lexenberg	135,694,159	Accepted
43	Ahli United Bank	131,250,000	Accepted
44	Abu Dhabi Islamic Bank	123,675,505	Accepted
45	Arab Islamic Banking Corporation Bank	112,943,046	Accepted
46	Gulf International Bank – Saudi Arabia	112,028,250	Accepted
47	Asian Islamic Bank Limited	93,750,000	Accepted
48	Raiffeisen International Bank AG	93,750,000	Accepted
49	FCOFIIU	90,358,204	Accepted
50	FCOFIIU B Securities LLC	89,365,516	Accepted
51	CFS DC LLC	87,446,111	Accepted
52	Al Salam Bank – Bahrain	84,319,831	Accepted
53	Arab African International Bank	75,000,000	Accepted
54	British Arab Commercial Bank	74,781,000	Accepted
55	Icon Investment 2 Limited	71,260,001	Accepted
56	HABC Bank PLC	63,750,000	Accepted
57	Al Baraka Islamic Bank	58,053,622	Accepted
58	Ithmaar Bank	56,250,000	Accepted
59	Doha Bank	56,250,000	Accepted
60	Bank of Taiwan Singapore Branch	56,250,000	Accepted
61	First Abu Dhabi Bank	56,250,000	Accepted
62	Sharjah Islamic Bank	55,394,826	Accepted
63	Morgan Stanley Bank International Limited	53,717,948	Accepted
64	FTSS IBLP	44,314,816	Accepted
65	Bank Dhofar	39,432,570	Accepted
66	FKS Capital Ltd.	37,507,000	Accepted
67	Taiwan Cooperative Bank	37,500,000	Accepted
68	Taiwan Business Bank	37,500,000	Accepted
69	National Bank of Fujairah	37,500,000	Accepted
70	Cathay United Bank	37,500,000	Accepted
71	Morcaptel Management	37,500,000	Accepted
72	CTBC Bank Ltd.	37,000,001	Accepted
73	Habib Bank Ltd	35,738,598	Accepted
74	Spinnaker Global Emerging Markets Fund Limited	34,500,000	Accepted
75	The Housing Bank for Trade and Finance	28,125,000	Accepted
76	National bank of Kuwait	28,125,000	Accepted
77	Societe Generale Corporation and Investment Bank	28,125,000	Accepted
78	Egypt Bank	28,125,000	Accepted
79	DBS Bank Limited	28,125,000	Accepted
80	April Launch International	28,125,000	Accepted
81	Mega International Commercial Bank Company Ltd.	28,125,000	Accepted
82	FC OMI AUB Securities LLC	25,914,517	Accepted
83	The General Authority for Competition (Government Authority)	25,000,000	Accepted
84	Betek IKi Asfor Heckerdt Gesellschaft MPH	18,751,000	Accepted
85	Commercial Bank of Taiwan Shen Kong	18,750,000	Accepted
86	Al Baraka Bank of Egypt	18,750,000	Accepted
87	Tunisia External Bank	18,750,000	Accepted
88	Shanghai Commercial and Savings Bank Co., Ltd.	18,750,000	Accepted
89	Kwachung Bank	18,750,000	Accepted
90	First Commercial Bank Ltd.	18,750,000	Accepted
91	Union de Pantio Arabes Des Franchises	18,750,000	Accepted
92	Bank Islam Malaysia Prahab	18,623,813	Accepted
93	Iyad Reda Advocates & Legal Consultants	11,734,752	Accepted
94	QIB Bank	11,250,600	Accepted
95	Deloitte Professional Service Limited	9,995,843	Accepted
96	Jordan International Bank	9,375,000	Accepted
97	BenQ BAI	9,375,000	Accepted
98	FC OMA LSSLB	6,412,816	Accepted
99	Louay Law Office	4,525,344	Accepted
100	Cyrus Apparitions Master Fund 2 Limited	3,606,230	Accepted
101	Lyman Karas LLP	3,116,735	Accepted
102	Morant	3,020,563	Accepted
103	Babiker & McKenzie Habibullah	1,637,135	Accepted
104	Kay & El Fitch LLP	548,265	Accepted
105	Saudi Telecom Company	439,048	Accepted
106	TMF Global Service Limited	300,000	Accepted