‎Saudi Cable says financial restructuring first hearing postponed to Feb. 7

‎Saudi Cable says financial restructuring first hearing postponed to Feb. 7

Saudi Cable Co. (SCC) announced that the first hearing of financial restructuring was held on Jan. 17, however, the financial reorganization session was postponed, SCC said in a statement to Tadawul.

Jeddah Commercial Court received the fourth circuit’s briefing on the case and the accompanying documents, and its verification that the debtor fulfilled what was stipulated in the bankruptcy law, its executive regulations, and the information and documents regulations.

The company stated in a statement on “Tadawul” that to consider the nomination of the trustees, the session was adjourned and

The court decided to adjourn the session to Monday, Feb. 7, in order to consider the case and nominated trustees.

The company indicated that there are no costs associated with the event during the current period, affirming that it will keep market informed of the financial impact in case of its occurrence.

It is not currently possible to determine the financial impact on the company's financials, it added.

Saudi Cable is continuing to work on implementing the rescue and financial restructuring plan set by executive management, who stresses the priority of preserving shareholders rights.

According to data compiled by Argaam, the Saudi-listed firm recently stated early January that its application for opening the financial restructuring procedure was