Saudi's Algosaibi estimates assets at a fraction of claims against it

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Saudi Arabian conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB) estimates its assets are worth less than a quarter of about $5.9 billion in claims made against it, a spokesman said as the group prepares a proposal to end one of the Middle East's biggest corporate debt disputes. AHAB this week invited more than 70 financial institutions, including Saudi, regional and international banks, to a meeting in Dubai on May 7 to propose "a comprehensive settlement" with creditors. If successful, it could end years of wrangling since the 2009 collapse of AHAB's Bahrain unit, The International Banking Corporation, and Awal Bank left more than 100 banks owed an amount that has been estimated at as much as $22 billion. In an emailed statement to Reuters on Tuesday, an AHAB spokesman said the settlement proposal would be based on the group's existing assets plus funds that it says could be recovered in future from al-Sanea.

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