King & Spalding is representing Azmeel Contracting, a leading contractor in Saudi Arabia, on its restructuring plan under the Saudi Financial Restructuring Procedure (FRP). The company has some SAR 7.7bn (USD 2.05bn) worth of liabilities, of which SAR 5.5bn came from its bank lenders and SAR 2.1bn from its trade creditors.
The agreement is one of the largest restructurings under the new Saudi insolvency legislation. The transaction is also the first time Perpetual Sukuk have been used in connection with a restructuring under the Law and is likely to set a precedent for further restructurings in the Kingdom.
The King & Spalding team was led by Middle East partners Nabil Issa, Michael Rainey and Zaid Hadir Al-Farisi and included senior counsel Mohammed Al Ammar, counsel Jonathan Jordan and Asal Saghari associate Turki Radain.