Al-Khodari plans to submit restructuring plan after final list of creditors’ claims

Abdullah A. M. Al-Khodari Sons Co. announced updates related to its financial restructuring process under the Saudi bankruptcy law.

The company explained in a bourse filing on Tuesday that it is still awaiting the Dammam Commercial Court’s decision regarding the final list of approved creditors’ claims to submit a financial restructuring plan and subsequently determine the time frame for voting on the proposal by the company’s shareholders and creditors.

The previous announcement did not include a specific date for the court’s decision and a timeframe for submitting the financial reorganization proposal, the statement noted.

Al-Khodari said it is too early to assess the financial impact of the restructuring process, and developments will be disclosed in due course.

In January, the company announced that the Dammam Commercial Court had approved creditors’ claims. The court had issued a ruling to initiate Al-Khodari’s financial restructuring under the bankruptcy law in July 2019. 

Three months later, the court-appointed financial restructuring secretary, Saleh Abdullah Al-Naeem, submitted a list of all creditors’ claims to the court.