The Saudi Arabian government has ended talks aimed at saving construction giant Saudi Oger, which is now facing the prospect of a multi-billion-dollar debt restructuring to stave off collapse…[T]he government owes Oger about 30 billion riyals ($8 billion) for work it has completed.

This huge backlog of payments has left Oger struggling to meet its obligations, including 15 billion riyals of loans, billions of riyals owed to contractors and suppliers, and 2.5 billion riyals to workers in back and severance pay…[T]housands of workers from South Asia contracted by the firm, many of whom have been left in desert camps…[have] stopped receiving food, electricity, maintenance and medical services from the firm.

While a deal may still be possible, the attention of company executives and creditors is increasingly switching to how the company can save itself, with sources indicating a debt restructuring seems the only viable option...Creditors are becoming increasingly anxious...Samba Financial Group in July became the first lender to seek a court judgment against Oger to reclaim its dues...[and] could precipitate further legal claims against Oger from banks, according to industry and banking sources.

[also refers to Ahmad Hamad Algosaibi and Brothers, Arab Bank, Cell C, National Commercial Bank, Nesma, Oger Telecom, Saad Group, Saudi Binladin Group, Turk Telecom] ​