Saad A346

[sandpit]

The Saad Group are getting some bad press in the region at the moment. Does anyone have any idea what has happened to their A340-600?

[naughty but nice]

Is that the one that was in Bahrain or Dammam??

Do u know if they have mth on mth off for fa's?

[mutt]

Last press reports that i read stated that all assets of SAAD and SAAD AIR had a lien placed on them prohibiting their disposal....... They do owe quite a bit of money.....

NBN, this would be one to watch carefully before joining them....

Mutt

[Radar Contact]

They've got an A319 based in BAH.. I think the A346 is based in Dammam

[4HolerPoler]

The 346 is in the wide-body completion hangar at Jet Aviation in Basel; all current work on her is suspended.

[powerstall]

Here's an article regarding their assets.....

Saad Air | Saudi News

[Desert Diner]

The ruling was in response to a complaint filed by indebted Saudi family conglomerate Ahmad Hamad Algosaibi and Brothers Company (AHAB), which is locked in a legal tussle in the United States with the billionaire owner of Saad Group, Maan Al-Sanea.

Units of the two family groups, Saad and Ahmad Hamad Algosaibi & Brothers, have borrowed at least $15.7 billion from more than 80 regional and international banks

This is going to be a long one.

[LGW Vulture]

"......The 346 is in the wide-body completion hangar at Jet Aviation in Basel; all current work on her is suspended......."

I thought they had in fact parked her outside? She looked quite forlorn a few weeks back when I saw her!

[removehighheels]

Saad AIr

Poor Saad Air. Amazing planes. I would love to see the inside of one. I bet that's gotta be pretty sweet!

[LGW Vulture]

In fact youŽd be pretty disappointed. Only the wiring looms are installed at the moment!

[mutt]

Saad group has made arrangements to settle $2.59 BILLION worth of loans! That means that they only have another $12 BILLION of outstanding loans to worry about. Somehow i dont think that their airplanes are going to have the interiors installed........

Also noticed that they are being sued in NYC for breaking banking conditions by "concealing numerous facts and circumstances concerning their financial situation, including the simultaneous borrowing of millions if not billions of dollars from numerous other banks

How on earth does a company get that MUCH MONEY from banks?

Mutt