Financial and Banking News
LOANS AND ISSUES
Saudi British Bank Sues AAA over Rescheduling Default
Following the collapse of the landmark SR700mn rescheduling agreement betweenArabian Auto Agency GAAA) and its creditors last November (MEES, 16 November1987), the agent for the 50 or so creditors, Saudi British Bank, has now filed aSR727mn ($144mn) suit against AAA in the Jiddah Negotiable InstrumentsCommittee, with the first hearing in the case expected on 29 May. The bank...