(Bloomberg) -- Saudi Binladin Group hired Houlihan Lokey Inc. as an adviser to help the kingdom's biggest construction firm to restructure an estimated $15 billion of debt.
The investment bank will assist in “a comprehensive review and financial restructuring of SBG's capital structure,” according to a statement from Binladin International Holding Group.
The restructuring is aimed at reorganizing privately-held Saudi Binladin's assets into sector-led businesses, streamlining operations, and ramping activities across key projects and businesses, it said.
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.
The company'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. It appointed Khalid Al Gwaiz as the chief executive officer in March.
Saudi Binladin Hires New CEO as It Plans $15 Billion Debt Revamp
Rothschild & Co. and Moelis & Co. were shortlisted to advise on the debt revamp, people with knowledge of the matter said in October.
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