Several lenders to Pan Gulf Holding, a Saudi Arabia-based industrial group, have received pitches from financial restructuring advisers, according to three sources familiar with the situation.

Financial advisers were sent a request for proposals (RFP) recently, but no mandate has been made yet, said the first source.

The company’s lenders are predominantly Saudi-based banks, the second source familiar noted.

Pan Gulf Holding recently hired Ankura as its financial adviser, according to a Debtwire report in November.

Faisal Abdullah joined Pan Gulf Holding in October 2022 as its Chief Restructuring Officer, according to LinkedIn.

Pan Gulf Holding is divided into two distinct parts, with its industrial segment mainly focusing on steel production, and its investment segment focusing on automotive and restaurants.

The company has over 200 members of staff, a majority of which are based in the Kingdom of Saudi Arabia, according to LinkedIn. Around 10% of its staff are based in Bahrain.

Pan Gulf Holding was founded in 1978. The company could not be reached for comment.