“Previously, debt restructurings were extremely difficult to achieve and there were no clear instructions of how insolvency should be treated.”

-James Swanston, a Middle East and North Africa economist at Capital Economics, in a research note discussing the recent debt restructuring deal involving one of Saudi Arabia’s largest conglomerates, Ahmad Hamad Algosaibi and Brothers. The deal is a sign that government reforms are working, Swanston said. [Zawya]