Al-Khodari says court upholds decision on ending financial restructuring, starting liquidation

Logo of Abdullah A. M. Al-Khodari Sons Co.

Abdullah A. M. Al-Khodari Sons Co. said that Riyadh Commercial Court upheld on Nov. 3 the judgment issued on Aug. 10 in the legal case filed to end the procedure for the company's financial restructuring and starting liquidation.

The decision also included the appointment of Bader Al-Tamimi as bankruptcy trustee, Al Khodari added in a bourse statement.

The bankruptcy trustee will oversee the liquidation process in accordance with the Bankruptcy Law and its executive regulations.

In August, the company submitted an appeal to the judgment issued by the Commercial Court in Dammam, which terminated the company's financial restructuring procedure and commenced liquidation under the Bankruptcy Law. 

The company announced receiving, on Aug. 11, the Dammam Commercial Court’s decision to end the company's financial restructuring procedure and start a liquidation process.