Saudi Cable Company’s Board of Directors announced on Wednesday, January 8, that the Fourth Circuit of the Commercial Court in Jeddah has issued a series of rulings related to its ongoing bankruptcy case.
Key judicial decisions include:
- Holding former trustee Waleed bin Mohammed Sobhi accountable for breaching the Bankruptcy Law and its regulations by failing to adequately present creditors’ claims to the debtor.
- Annulment of the claims list submitted by Waleed bin Mohammed Sobhi.
- Revocation of the court’s prior ruling dated 03/09/1445H, which had approved the claims list under request number (131) in Bankruptcy Case No. (103) of 1444 AH.
- Appointment of Khalid bin Abdulaziz Yahya Hawsawi as the new trustee, tasked with executing duties and powers in accordance with the Bankruptcy Law and its implementing regulations.
The court’s decisions follow Saudi Cable Company’s earlier objection to the creditors’ claims list, as disclosed on “Tadawul” on 29/03/1446H (October 2, 2024). The company had raised concerns regarding the claims list submitted to the Fourth Circuit, prompting the chamber to review and deliberate on the objection points before issuing its rulings.
These developments mark a critical step in Saudi Cable Company’s financial reorganization process under the guidance of the newly appointed trustee.
