Saudi Cables: Court rejects request to open financial restructuring procedure

Saudi Cable Company announced on Thursday that the fourth session was attended on Monday, 13/03/2023; the ruling was received on Wednesday, rejecting the request to open the company’s financial restructuring procedure.
The company clarified in a statement today on “Tadawul” that, based on the testimony of the legal advisor, the court’s decision is not considered final, and the company has the right to object to the preliminary ruling issued in accordance with the rules established by law within a period of fourteen days from the date of receiving the decision
The company said, “It is not currently possible to determine the financial impact, and the impact, if any, will be disclosed in a timely manner”.
The Company emphasized that it continues to work on the implementation of the Recovery Plan and the financial restructuring established by its Executive Management and Board of Directors, who emphasize that the continuity of the Company and the preservation of its shareholders’ rights are their top priorities.
This comes with reference to the announcement of the Saudi Cable Company on 27/02/2023 that the application for the opening of the financial restructuring procedure of the company was postponed.RR