Saad could seek advice from Credit Suisse

Dubai: Saad Group, the construction and finance company that owes at least $6.2 billion (Dh22.75 billion) to banks, may hire Credit Suisse Group AG as its debt restructuring adviser, a person familiar with the plan said.

The Saudi Arabian company proposed Credit Suisse, Switzerland's biggest bank by market value, to its lenders, though no agreement has been reached, said the person, who declined to be identified because the discussions are private.

Saad Group is owned by billionaire Maan Al Sanea, whose accounts were frozen by the Saudi Arabian Monetary Agency on May 28, according to a person who read the central bank's circular.

Five days later, Saad Group, based in Al Khobar in Saudi Arabia's Eastern province, said it was restructuring debts because of "a short-term liquidity squeeze".

A London-based spokesman for the Saad Group did not immediately respond to phone calls or an e-mail seeking comment. Dow Jones Newswires reported the Credit Suisse proposal earlier.

Almost 40 banks have provided a combined $6.2 billion to units of Saad Group, according to documents provided by an international lender.