(Corrects family relationship in paragraph 13)

By Souhail Karam

RIYADH, June 1 (Reuters) - Private Saudi firm Saad Group said on Monday it plans to restructure the debt of subsidiaries hurt by a liquidity squeeze brought on by the global financial crisis.

Earlier bankers said the Saudi central bank froze the accounts of the group's billionaire chairman, Maan al-Sanea.

The Saudi Arabian Monetary Agency (SAMA) issued two circulars telling Saudi banks to freeze Sanea's accounts, three Saudi-based banking sources said on condition of anonymity.

Saad Group [SAADG.UL] did not cite its chairman in a statement announcing the restructuring but said "accounts of our operating companies remain unimpaired."

The group did not disclose the size of the debt restructuring or the number of the firms affected, saying only it was facing short-term liquidity problems from global turmoil and unspecified "events" affecting the Bahraini banking sector, where it is active through two banks. (For the text of the statement double click on [ID:nL1208305])

"We are continuously striving to mitigate the effects of this limited squeeze, and are also planning for an orderly restructuring of the debt of affected companies in cooperation with our counterparties and international advisers," said the firm, one of Saudi's top family conglomerates.

Saad Group said that it has appointed consultants and was also about to conclude a deal with an unnamed top European bank to manage relations with other lenders.