Financial and Banking News
LOANS AND ISSUES
Redec Reschedules $340mn, Borrows $16mn
Nearly two years after it declared a moratorium on principal payments onits bank debts in December 1985, the Jiddah-based Saudi Research and DevelopmentCorporation (Redec) has signed a rescheduling agreement with 35 of its 45 bankcreditors. The agreement signed in New York last week reschedules $340mn ofRedec's debt and provides for a new $16mn line of credit for the Redec group,which...