Reuters is reporting that Saudi Arabia is now legalizing bankruptcy in order to make it more attractive to investors.
The financial crisis of 2009 left Saudi Arabia companies scrambling for a way to restructure debts with creditors. Two companies alone defaulted in $22 billion in bank loans.
This is just another step by the government of Saudi Arabia in progressing with their laws and departure from their cultural norms.
Alexander Hernandez, Esq.
Alexander Hernandez is a bankruptcy attorney practicing in Jacksonville and the surrounding areas and Miami, Florida.