(Bloomberg) -- Saudi Arabia's biggest construction company overhauled its top management, delaying plans to appoint an adviser for a proposed $15 billion debt restructuring, people familiar with the matter said.
Saudi Binladin Group's previous chairman and managing director left within months of being appointed, the people said, asking not to be identified because the matter hasn't been made public. The company also named four new directors to its board this week, they said.
Binladin -- for decades Saudi Arabia's go-to developer for mega-projects such as airports and religious sites -- is planning to reorganize its borrowings after the kingdom delayed payments to contractors following a drop in oil prices.
The builder had shortlisted Moelis & Co. and Rothschild & Co. to advise on the debt restructuring, people familiar with the matter said in October.
The government took a stake of about 36% in the company from the Binladin family last year to settle allegations of corruption. That came after Bakr Binladin, the half-brother of al-Qaeda founder Osama Bin Laden, was swept up in a so-called corruption crackdown in November 2017.
Abdulaziz Al-Duailej joined as chairman in September, the people said. He replaced Khalid Nahas, who had been appointed chairman in March as part of a settlement agreement with the government to reduce the family's influence on the company.
A process is underway to replace former managing director, Abdullah Mohammed Nour Al Rehaimi, who recently resigned after being hired in September, two of the people said.
The Saudi government's media center didn't immediately respond to an emailed request for comment. Representatives for Binladin couldn't be reached for comment.
To contact the reporters on this story: Nicolas Parasie in Dubai at nparasie1@bloomberg.net;Matthew Martin in Dubai at mmartin128@bloomberg.net
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Vernon Wessels, Claudia Maedler
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