Saudi Cable says court ruling rejects appeal by creditors, FRP Trustee

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Saudi Cable Co. said that the Fifth Appeals Chamber of the Commercial Court in Riyadh issued a ruling on March 5, 2025, rejecting the appeals filed by some creditors listed in the previous list before the court withdrew them, as well as by the former Financial Restructuring Trustee, Walid Sobhi, and former CEO, Nael Fayez.

The objectors had filed appeals seeking to overturn the judgment issued by the Bankruptcy Chamber of the Fourth Commercial Court in Jeddah, Saudi Cable said in a statement to Tadawul.

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The company added that the objections were submitted in June 2024, officially registered on Aug. 13, 2024, and referred to the Fifth Appeals Chamber of the Commercial Court in Riyadh on February 26. The judgment document was received on April 16.

The company noted that there are no costs associated with the event now, adding that the financial impact will be disclosed later if any.

According to data from Argaam, Saudi Cable announced in June 2024 that, based on its objections to the financial restructuring proposal (FRP) due to formal regulatory violations and inaccurate financial information, the Fourth Commercial Circuit in Jeddah held a court hearing and canceled the request from procedure trustee Sobhi to submit the FRP to the court.

Saudi Cable earlier announced that the Commercial Court in Jeddah decided to reject the company's request to postpone the date of its shareholders’ voting on the FRP and to adhere to the previously announced voting date of June 4 for shareholders and June 6 for creditors.

In May, the Fourth Commercial Circuit in Jeddah decided to accept the deposit of its FRP, submitted by Sobhi. The proposal was formerly set to be voted on by shareholders on June 4.

On June 2, the company’s board of directors decided to postpone the shareholders' vote on the FRP, which had been scheduled for June 4, until the Court of Appeal issues its ruling on the company’s objections to the proposal.