Awal Bank files for bankruptcy in US

24 October 2010

Bahrain-based bank was put into administration in 2009

Bahrain-based Awal Bank, which was put into administration in the kingdom in 2009, has filed for bankruptcy protection in the US, Reuters has reported, citing sources. “The US filing is simply a recognition and an extension of Awal’s insolvency process already happening in Bahrain, as it has some assets and claims against it in the US,” one source with knowledge of creditor negotiations said. Awal is controlled by Saudi businessman Maan al-Sanea and his Saad Group.

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