Saudi Steel Firm Sounds Out Advisers for Debt Restructuring

Saudi Arabia’s Al Ittefaq Steel Products Co. has sought proposals from restructuring advisers, according to people familiar with the matter, ahead of expected talks with debtholders including major creditor Davidson Kempner Capital Management LP.

Saudi’s largest private steel manufacturer has been struggling with its debt burden for some time but has now started talking directly to potential advisers, the people said, asking not to be named because the matter is private. No mandates have yet been awarded, they added.