Saudi Cable says preliminary ruling issued against financial reorganization

Logo of Saudi Cable Co.

Saudi Cable Co. (SCC) attended, on March 13, the fourth hearing on the financial reorganization.

The court ruling received, on March 15, rejected the request to open the company's financial reorganization procedure, according to a Tadawul statement.

According to the company's legal advisor, the court's decision is not considered final. The company has the right to object to the preliminary judgment issued as per the rules prescribed by law within a period of 14 days of receiving the ruling.

SCC is continuing to work on implementing the rescue and financial restructuring plan set by its executive management and board of directors, who stress that the company's continuity and preserving the rights of its shareholders are their top priorities.

The company said it is not currently possible to determine the financial impact of the ruling, affirming that it will disclose any development in due course.

In January, SCC filed an application for opening the financial restructuring procedure, which was referred to Jeddah Commercial Court (fourth circuit), Argaam earlier reported.