Court approves Thimar request to extend deadline for financial restructuring proposal, creditor claim suspension

Logo of National Agricultural Marketing Co. (Thimar)

National Agricultural Marketing Co. (Thimar) announced that it was notified by its attorney today, Oct. 20, that the Commercial Court in Riyadh agreed to extend the deadline for preparing the financial restructuring proposal for 100 days, starting from Sept. 2, 2021.

Meanwhile, the court approved extending the period of suspending creditors’ claims for 80 days, starting from Oct. 5, 2021.

Any relevant developments in this regard will be announced, the statement added.

In April, Thimar said that the Commercial Court in Riyadh issued a decision to open the procedures for financial restructuring, Argaam earlier reported.

The company said, on April 29, that it has 150 days to prepare the financial restructuring proposal.

Earlier this month, Thimar submitted a request to the Commercial Court in Riyadh to extend the deadline for preparing the financial restructuring proposal and was notified by the court that a hearing would be held on October 20 to consider the request.