Executive Summary
A leading Saudi Arabian steel fabrication and industrial solutions provider completed a court-supervised debt restructuring after a previous restructuring effort failed to achieve stakeholder consensus. Acting as the lead financial restructuring advisor, Ankura helped develop a commercially viable restructuring plan, align a diverse creditor base, and secure majority approval across all creditor classes in line with the procedural requirements of the Protective Settlement Procedure (PSP) of the Kingdom of Saudi Arabia (KSA) Bankruptcy Law. The outcome provided the company with a more sustainable foundation for long-term operational and financial stability.
Situation
After an earlier restructuring attempt failed, a leading Saudi Arabian steel fabrication and industrial solutions provider serving the energy, resources, and industrial sectors successfully completed a court-supervised debt restructuring.
The company required a restructuring plan that addressed the immediate operational and financial challenges while resolving key commercial and legal obstacles that prevented consensus in the past. Aligning the interests of a diverse group of stakeholders was key to creating a credible path forward.
Ankura was appointed as the company-side financial restructuring advisor to support the business through the PSP, a court-supervised process governed by the KSA’s Bankruptcy Law.
Ankura’s experience advising on restructurings under Saudi Arabia’s Bankruptcy Law — including both Financial Reorganisation Procedure (FRP) and PSP — was critical in shaping a solution that balanced the commerciality of the deal while adhering to legal principles and framework of the law.
Ankura’s Role
Ankura’s Turnaround & Restructuring team acted as lead financial restructuring advisor, working closely with management, shareholders, creditors, and other stakeholders to develop and substantiate a comprehensive restructuring plan.
The team’s role was to translate complex financial, operational, commercial, and legal considerations into a practical restructuring proposal that could withstand creditor scrutiny and meet the requirements of a court-supervised process.
A central focus was navigating differing, and sometimes conflicting, agendas among the banks, requiring sustained negotiation leadership to steer stakeholders towards a consensual outcome.
Approach and Key Workstreams
Building a Credible Restructuring Case
Ankura designed and substantiated a comprehensive restructuring plan to support the company’s financial turnaround and long-term stability. The plan was structured to comply with PSP requirements while leveraging Ankura’s deep knowledge of the restructuring mechanics of an in-court process to ensure legal robustness and commercial feasibility.
The team developed detailed business and liquidity plans that formed the foundation of the restructuring proposal and provided stakeholders with a clear framework to implement the operational turnaround.
Financial and Operational Analysis
The team combined rigorous financial analysis with a deep understanding of the company’s operational and commercial realities to develop a robust, data-driven restructuring case.
This analysis helped demonstrate the viability of the proposed restructuring and enabled creditor engagement throughout the process.
Stakeholder Alignment and Creditor Engagement
A critical component of the engagement involved navigating the priorities of a diverse creditor base that included banks, trade creditors, employees, and governmental entities.
Ankura worked closely with management and shareholders to facilitate a constructive dialogue among all stakeholders, address key commercial and legal considerations, and build consensus required to move the restructuring forward.
Process Leadership
Throughout the PSP, Ankura provided disciplined project management, helping stakeholders remain aligned while ensuring that the process progressed in accordance with the procedural requirements and timelines of Saudi Arabia’s Bankruptcy Law.
Outcome
The restructuring process culminated in the successful completion of a debt restructuring transaction through majority approval of all creditor classes. The outcome enabled the company to implement its restructuring plan, address its capital structure challenges, and establish a more sustainable foundation for future operations.
Value Delivered
Ankura helped the company move from a previously failed restructuring attempt to a court-supervised transaction supported by the required creditor majorities. Specifically, Ankura delivered value by:
- Serving as lead financial restructuring advisor throughout the PSP process
- Developing the business, liquidity, and turnaround plans underpinning the restructuring proposal.
- Applying specialist knowledge in restructuring of Saudi Arabia’s Bankruptcy Law to support a legally robust and commercially viable solution.
- Leading complex creditor negotiations to secure majority approval across all creditor classes.
- Aligning the interests of management, shareholders, banks, employees, and other stakeholders
- Creating a platform for long-term operational and financial stability
Ankura in the Middle East
Ankura supports organisations across the KSA through periods of financial stress, restructuring, and transformation. By combining deep regional knowledge with specialist expertise in Bankruptcy Law restructurings (FRP and PSP), Ankura helps clients navigate complex situations and build a foundation for sustainable growth.
© Copyright 2026. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC, its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.
