Saudi Cables: Financial Restructuring Trustee submits request to court to extend suspension period for claims

Saudi Cable Company announced on Wednesday to its shareholders that the Financial Restructuring Trustee has submitted to the court a request to extend the suspension period and the proposal submission period, which will currently end on 04-12-2023, by 180 days.

This comes referring to the company announcement about the latest updates regarding the previous Company announcement regarding the verdict of the Appeal Court in the case for opening the “Financial Restructuring Procedure” which was as follows:

1. Repealing the judgment issued by the Fourth Circuit of the Commercial Court in Jeddah.

2. Approval of the opening of the Financial Restructuring Procedure for the company.

3. Appointing Mr. Waleed Sobahi as a trustee to carry out the Financial Restructuring Procedure.

4. Determining the deadline granted to the company by the Fifth Appeal Chamber of the Commercial Court in Riyadh, which is 180 days from the date of opening the procedure to submit the proposal to the Commercial Court in Jeddah.

The company has stated that will announce any material developments in this regard.

The Company indicated also that continues its efforts to implement the Recovery Plan and the Financial Restructuring developed by the Board of Directors and Executive Management to ensure the continuity of the company and its operations to the benefit of its shareholders and creditors and the financial restructuring procedure.