Saudi Cable says Jeddah court ruling on bankruptcy lawsuit ‘challenged’

29/05/2024 Argaam

Saudi Cable says Jeddah court ruling on bankruptcy lawsuit ‘challenged’

Logo of Saudi Cable Co.

Saudi Cable Co. has notified shareholders and creditors that it challenged the Jeddah Commercial Court ruling as regards the bankruptcy lawsuit, and an appeal was filed on May 28, 2024.
 

The move came in line with the company’s commitment to protect the rights of both shareholders and creditors, while granting them the right to vote on the financial reorganization proposal (FRP), which is based on correct information and aligns with transparency and disclosure criteria.

 

The company indicated that its objection might delay the voting session announced on May 16, noting that any relevant updates will be duly revealed.

 

No related costs are incurred, the company stated, adding that the financial impact, if any, will be announced later. Saudi Cable Co. announced earlier that the Fourth Commercial Circuit in Jeddah decided to accept its FRP, submitted by the procedure trustee Walid Sobhi. Shareholders will vote on the FRP on June 4, data available with Argaam showed.

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