Saudi Arabian family conglomerate Ahmad Hamad Algosaibi and Brothers  (AHAB), which owes $6 billion in debt after the 2009 crisis, presented on Thursday details on how to repay its creditors and resolve one of Middle East's longest-running financial disputes.

ABC News reported that AHAB CEO Simon Charlton said that as Saudi Arabia is bringing change to its opaque bankruptcy laws and as the kingdom is aggressive in boosting investor confidence, leading to a possible public offering for its state-owned oil company, it would be best to grab the opportunity to settle its debts. Charlton said, "It's untried, untested new territory and new ground, but we're hopeful we'll be able to achieve a successful settlement that will be equal and fair to all claimants."

According to The Wall Street Journal, AHAB faced a scandal when it was accused of fraud during the 2009 financial crisis. It loaned billions of dollars from various banks, including international firms like Standard Chartered and BNP Paribas. Ahab's presentation is a step closer to resolving the problem that international firms face when investing in the Middle East, especially with its almost nonexistent insolvency laws.

Reuters reported that AHAB asked all its creditors to sign the final terms of the payment restructuring. With 50 percent agreeing, the proposal will become binding. The firm expects this to begin by May. Bank ABC, BNP Paribas, Emirates NBD, Fortress Investment Group and Standard Chartered are the five firms that will negotiate in behalf of the claimants of AHAB's $6 billion debt.

AHAB also requested its creditors to provide formal claims by the end of March to determine what claims each firm has on the hospitality, food and real estate group. By agreeing to these claims, AHAB and the claimants can go to the court in Khobar, where the firm's family originated. Bringing the creditors together will make these international creditors in a level with Saudi banks.