Al-Ittefaq Steel agrees to USD 1 billion debt extension with lenders

摘要

MEED reported that Saudi Arabia's Al-Ittefaq Steel Products Company has agreed with its lenders to extend the maturity of USD 1 billion of debt as part of a restructuring of the firm's financial obligations. Following the agreement, a new financial repayment schedule is now being formulated which is expected to see the banks being repaid over the course of the next 3 to 4 years.