What would stop Saudi Aramco from stopping all dividends and unilaterally write off its own debt?
> The most desperate of these was the pledge to guarantee a dividend payment to shareholders in Aramco of US$18.75 billion every single quarter of every single year – a total of US$75 billion every single year.
I've never heard of a contractually binding agreement to drive yourself into bankruptcy via an overly generous dividend. From this FT article[1] it does sound like it's pretty voluntary though
> Mr Nasser told reporters that “our intention is to pay $75bn, subject to board approval and depending on market conditions”. Minority shareholders, who own 1.5 per cent of the company, will be “protected” for the next five years and given priority payments, he said.
1. https://www.ft.com/content/3c2c576c-51c6-4ced-b1c2-586c4b2f4...
Nothing. Argentina defaults on its debt every Christmas, and its bonds still get bought. Aramco’s are a non-sovereign corporate’s equity dividends, where most of the shares are owned by the Saudi government and royal family.
wtf? Every christmas every year?
Why Christmas? That just seems mean.
Debt write off could be seen as a gift to the country.