Saudi Cable says court approves opening financial restructuring procedures

Logo of Saudi Cable Co.

Saudi Cable Co. (SCC) announced that Riyadh Commercial Court (fifth appeals circuit) approved its request to start the financial restructuring procedures (FRPs), according to a Tadawul filing.

The court overturned the judgment issued by the fourth circuit at Jeddah Commercial Court.

Under the judgement, Walid Subhi was appointed as the trustee for the FRPs, and the company has 180 days to submit its FRP proposal.

The opening of FRPs is a pivotal point for the company to return to its position as a contributor to the development of the Kingdom and achievement of Vision 2030 goals.

The firm confirms that it continues to implement the transformation and financial restructuring plans set by the board of directors and executive management to ensure its continuity.

In March, SCC said the court rejected the request to open FRPs, as reported earlier by Argaam.

In January, SCC filed an application for opening FRPs, which was referred to Jeddah Commercial Court.