Saudi Arabia Takes Steps to Legalize Bankruptcy
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.
One of the Trustees in the Southern District of Florida in Miami, always starts the 341 meetings by stating that he has caught prior debtors committing fraud and they have been sentenced to jail.
Remington Outdoor Company has been negotiating financing and restructuring of its debts with creditors in order to proceed with a bankruptcy filing.
Winn-Dixie stores are located throughout the southeast United States and as many as two hundred locations may be closed due to the bankruptcy. Winn-Dixie had previously filed for bankruptcy in 2005 and 2009.
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Alexander Hernandez has been representing clients since 1999 in the areas of bankruptcy, family law, and personal injury.
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