Saudi Cable Company Submits Financial Restructuring Proposal to Jeddah Commercial Court

The management of Saudi Cable Company has officially notified its shareholders regarding the recent developments in its financial restructuring process. Following the final ruling issued by the Appeals Chamber of the Commercial Court in Riyadh on July 6, 2023, which approved the initiation of the financial restructuring procedure for Saudi Cable Company and appointed Mr. Walid Muhammad Subhi as the Trustee for this process, the company’s management promptly commenced the preparation of the financial restructuring proposal.

Throughout several sessions, the management discussed the proposal with the appointed Trustee, Mr. Walid Muhammad Subhi, culminating in the delivery of the final proposal to him. The Trustee diligently reviewed the proposal’s details, verified the company’s assets, debts, and list of creditors. His thorough examination ensured the integrity and fairness of the proposal, aimed at achieving the continuity of the company’s business and fulfilling its purposes and objectives for the benefit of its shareholders.

As of Thursday, March 28, 2024, the company’s management received confirmation from the Trustee’s office that the financial restructuring proposal for Saudi Cable Company has been formally submitted to the Fourth Commercial Circuit of the Commercial Court in Jeddah. Any significant developments in this process will be promptly communicated to the stakeholders.