August 1, 2019
Hours after Reuters reported that the Saudi Binladin Group is looking to restructure between $20 and $30 billion in debt, the infamous construction family was hit with the news that son and potential successor of al Qaeda leader Osama Bin Laden is dead, according to NBC News, citing three US officials regarding intelligence obtained by the United States.
It is unclear whether the US played a role in the death of Hamza bin Laden, who was approximately 30-years-old.
Hamza bin Laden is believed to have been born around 1989. His father moved to Afghanistan in 1996 and declared war against the U.S. Hamza went with him and appeared in al Qaeda propaganda videos. As leader of al Qaeda, Osama bin Laden oversaw operations against Western targets that culminated in the Sept. 11, 2001, attacks on New York’s World Trade Center and on the Pentagon. –NBC News
In February, the State Department announced a reward of up to $1 million for information on Hamza’s whereabouts – describing the younger bin Laden on Twitter as “an emerging al Qaeda leader” who “has threatened attacks against the United States and allies.”
Meanwhile, the Binladin Group is reportedly seeking a financial adviser to restructure their debt – after the Saudi government took a roughly 1/3 stake in the conglomerate after family members were swept up in an anti-graft campaign launched by Saudi Crown Prince Mohammad Bin Salman.
The company, which has dominated the construction sector for years, is crucial to the kingdom’s plans for tourism and infrastructure projects aimed at diversifying the economy away from oil revenues by 2030.
The Binladin Group has sent a request for proposals to a select group of international advisers over the past few weeks to reorganize the debt of the whole group, said the five sources, speaking anonymously because the matter is private. –Reuters
The debt restructuring is likely to concern Saudi banks and other creditors, who had been expecting the Saudi finance ministry to provide the group with government loans.
This article was posted: Thursday, August 1, 2019 at 3:15 am