Saudi group Algosaibi seeks truce in debt dispute

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By David French RIYADH, May 7 (Reuters) - Long-stalled talks on one of the Middle East's largest debt restructurings are due to resume in Dubai on Wednesday, though those involved in the process are cautioning any agreement to pay out even a small amount of the cash owed to creditors may prove a challenge given the size of the debt involved and the limited assets available for fund repayments. At the centre of the restructuring talks is Saudi Arabian conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB), whose failure in 2009 left debts estimated at more than $7 billion. Long-running disputes involving AHAB and Saad Group, a separate Saudi business empire led by Maan al-Sanea, who married into the Algosaibi family more than 30 years ago, over who was to blame for the collapse of their respective conglomerates left dozens of banks nursing billions of dollars of bad loans and shook a conservative kingdom unaccustomed to public spats over money. Figures at the time of the initial collapse put the combined total of AHAB and Saad debt at above $20 billion, though ** definitive number has ever come out.

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