Saudi's Algosaibi outlines debt proposal to creditors

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(Adds detail, context) DUBAI, May 7 (Reuters) - Saudi Arabia's Ahmad Hamad Algosaibi and Brothers (AHAB) has proposed a debt restructuring plan that would involve creditors being repaid a minimum of 20 cents on every dollar owed, as it attempts to restart long-stalled talks on a settlement. The family conglomerate collapsed in 2009 along with Saad Group, a separate Saudi business empire led by Maan al-Sanea, since when the two have been battling over who was to blame for the issues which affected their respective conglomerates. AHAB said in a statement on Wednesday, issued following a meeting with creditors in Dubai, that it had direct liabilities to banks and financial institutions worth around $6 billion. The company said it was excluding claims to units such as The International Banking Corp (TIBC), a Bahrain-based subsidiary whose failure in 2009 revealed the problems at the wider group.

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