Saudi Cable Company announces the submitting of the Financial Restructuring Proposal in the Commercial Court in Jeddah

Saudi Cable Company announces the submitting of the Financial Restructuring Proposal in the Commercial Court in Jeddah

Announcement Detail

The management of Saudi cable company is pleased to inform its shareholders that immediately after the issuance of the final ruling by the Appeals Chamber of the Commercial Court in Riyadh on 11/18/1444 corresponding to 06/07/2023, to opening the financial restructuring procedure for Saudi Cable Company and appointing Mr. Walid Muhammad Subhi as a Trustee of financial restructuring procedure, the company’s management began to prepare the financial restructuring proposal and discuss it with the trustee during several sessions until the company delivered the final copy to him. In turn, the trustee reviewed the details of the proposal, verified the company’s assets, debts, and list of creditors, and ensured the integrity and fairness of the proposal in order to achieve the continuity of the company’s business and achieve its purposes and objectives, and for the benefit of its shareholders with the best results. At the end of Thursday 09/18/1445 corresponding to 03/28/2024, the company’s management received a letter from the Trustee’s office confirming that he had submitted the financial restructuring proposal of the Saudi Cable Company with the Fourth Commercial Circuit of the Commercial Court in Jeddah. Any material developments will be announced in