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

Logo of Saudi Cable Co.

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 court decided to adjourn the session to 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 the financial impact will be disclosed later.

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

SCC continues to work on implementing the rescue and financial restructuring plan set by executive management that stresses the priority of preserving shareholders rights.

According to data compiled by Argaam, the Saudi-listed firm stated in early January that its application for opening the financial restructuring procedure was successfully registered with Jeddah Commercial Court (the fourth circuit), as the first session was set on Jan. 17.

In November, the company’s board filed with the competent commercial court for opening the financial restructuring procedure.