(MENAFN) Sources said Saudi Oger's attempt to restructure around 13 billion riyals (USD3.5 billion) in debts have been dealt another blow after a second major creditor obtained a court order demanding the money it is owed by the construction group.
According to the National Commercial Bank (NCB), Saudi Arabia's largest bank, has obtained a court order against Saudi Oger, the sources told Reuters, following a similar move against Saudi Oger by Samba Financial Group in July.
Moreover, their rejection of a so-called standstill requested by Saudi Oger on the money it owes to Saudi banks puts the whole process in doubt as the company would only seek to press ahead with a deal if all banks agreed to the request.
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