(Releads with details from English-language press release, adds byline)

By Souhail Karam

RIYADH, June 7 (Reuters) - Private Saudi conglomerate Saad Group said on Sunday it would soon announce a proposal of a coordinating bank and an accounting firm to represent the interests of the counterparties in the restructuring of its debt.

"These appointments will be subject to the formal approval of counterparties," the group, owned by billionaire Maan al-Sanea, said in an English-language statement.

Saad said it has appointed business law firm Lawrence Graham to work with BDO Capital Finance, whose appointment was announced last week to restructure its obligations and those at its Bahrain-based unit, Awal Bank.

In the past week, credit agencies slashed Saad Group's ratings to default status or withdrew coverage altogether, saying Saad had ceased to pay creditors, deepening further the conglomerate's problems.

Saad's woes have rattled a $30 billion empire built by Sanea and represent one of the biggest defaults to hit the Gulf Arab region since the onslaught of the financial crisis.

Saad Group sent shockwaves through the Gulf on Monday, saying it plans to restructure the debt of its units hurt by a liquidity squeeze brought on by the financial crisis.

Banking accounts of Saad's chairman, Sanea, have been frozen by the Saudi central bank, Saudi bankers have told Reuters. [ID:nL3650223]