Saudi Cables unveils updates on creditors’ claim lists

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Saudi Cables Co. (SCC) submitted on July 2, an urgent request to the Fourth Division of the Commercial Court in Jeddah to clarify the violations that the company's management has identified in the list of creditors' claims submitted by the bankruptcy trustee in the court.

The claims were reviewed by the company's previous management and approved by the Commercial Court on April 2, SCC said in a statement to Tadawul.

The company pointed out that the court held a session on Sept. 17 to discuss and address the issues set forth in the objection he court will schedule another session in compliance withlegal procedures. For more news on listed companies

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Regarding the deposit of the financial restructuring proposal (FRP) for SCC at the Fourth Commercial Court in Jeddah, the company noted that it attended a session on Aug19, to make a decision on the revised proposal. The court decided to postpone the vote on the amended proposal until the claims list is finalized.

There are no costs associated with this event at present, the company said, adding that the relevant financial impact will be disclosed later, if any.

Any further developments will be announced in due course, the statement added.

According to data available on Argaam, SCC received July a letter from the FRPtrustee, confirming that it submitted the FRP with Jeddah’s Fourth Commercial Court.

The company attended April a session for the approval of the creditor claims list, wherein a ruling was issued approving the list of creditors' claims.