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Al-Jadaan advised the minority shareholders of Al-Ittefaq Steel Products Company in relation to the restructuring of the indebtedness of SAR7.5bn (US$2bn) with a group of 18 banks. The transaction has been described as the first major corporate debt restructuring in the Kingdom of Saudi Arabia and the largest non-sovereign debt restructuring in the region. The transaction has been led by managing partner Mohammed Al-Jadaan, assisted by Paul Latto (Al-Jadaan joint head of banking and Clifford Chance counsel). |