Fifteen companies are reported to be considering a merger to avoid bankruptcy before the end of 2018 amid pressures mounted on companies by the banks facing difficulties, reports Al-Shahed daily.
The daily quoting a source said the companies in question are working with external entities and they have projects inside and outside the country, indicating the companies are enmeshed in accumulation of short-term loans granted by the banks to execute long term projects and causing a series of problems.
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Chief among the problems is inability of the companies to pay the loan even though some of them are involved in real estate, investment, and automobiles.
He explained the companies need the merger to escape bankruptcy in an effort to extend the duration of the bank loans. He explained that some insurance companies have only three options; merger, bankruptcy or exiting the markets in anticipation of incurring losses.
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