Dubai: Saudi Binladin Group hired Houlihan Lokey Inc. as an adviser as the kingdom’s biggest construction firm pushes ahead with a proposed $15 billion debt restructuring.
“We have now officially hired Houlihan Lokey to advise the group on debt and balance sheet restructuring,” Chief Executive Officer Khalid Al Gwaiz said in an internal memo seen by Bloomberg. “We are now at the stage of data gathering and project planning and need input from different parts of the organization.”
Spokespeople for Saudi Binladin and Houlihan weren’t immediately available to comment.
Binladin - for decades Saudi Arabia’s go-to developer for mega-projects such as airports and holy sites in Mecca and Medina - is restructuring debt after the government delayed payments to contractors following the drop in oil prices.
It appointed Al Gwaiz as CEO in March. The contractor’s top management has been overhauled several times in the past with Abdulaziz Al-Duailej joining as chairman in September, replacing Khalid Nahas who was in the role for about seven months.