Al-Tuwairqi said to hire HSBC for debt restructuring

AL-TUWAIRQI GROUP: HSBC said to have been hired to help restructure Saudi steelmaker's bank loans. (Getty Images)

HSBC Holdings, Europe’s biggest bank, has been hired by Saudi steelmaker Al-Tuwairqi Group to oversee a restructuring of its bank loans after the firm was hurt by falling prices, a person familiar with the situation has said.

The Dammam-based closely held company is restructuring as much as 7 billion riyals ($1.9 billion) in debt, the person added. The same source declined to be identified because the transaction hasn’t been made public, according to news agency Bloomberg.

The loans are from National Commercial Bank, the largest Saudi bank by assets, Samba Financial Group, al-Rajhi Bank and Saudi Hollandi Bank, as well as Standard Chartered Plc and National Bank of Kuwait, al-Watan newspaper reported earlier this month, citing Khalid bin Hilal al-Tuwairqi, the company’s deputy chairman.

Al-Tuwairqi operates Thamesteel Ltd. in the UK, where it makes metal bars, and has worked with Saudi Basic Industries Corp., the world’s largest chemical maker, and Saudi Aramco on projects in Saudi Arabia, according to the steelmaker’s Web site. It also owns a steel plant in Pakistan.

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