Al-Khodari says commercial court issues final ruling, accepts 6 appeals, rejects 20

Logo of Abdullah A. M. Al-Khodari Sons Co.

Abdullah A. M. Al-Khodari Sons Co. said that the financial restructure secretary received on March 14, 2021, the final ruling from the Riyadh Commercial Court, accepting six and rejecting 20 creditor appeals.

The company explained in a bourse filing that the appeals accepted are:

1) The appeal filed by Riyad Bank for including an amount of SAR 4.32 million

2) The appeal filed by Alawwal Bank for including an amount of SAR 169.37 million

3) The appeal filed by Abdullah A. M. Al-Khodari Sons Co. for not including the debts of Al Salem Co. for Air-Conditioner.

4) The appeal filed by Spaces Realty Co. for including the full balance of SAR 5.88 million

5) The appeal filed by Abdullah A. M. Al-Khodari Sons Co. for not including the debt of Sultan Abdullah Al-Mtref Foundation

6) The objection of Wael Abdulwali Abdulhamid for amending the due amount to be SAR 227,324

The company said it is currently difficult to determine the financial impact and developments resulting from the financial restructuring procedure.

Any material impact will be disclosed in due course, the statement noted.

In May 2020, the company announced receiving an email from the financial restructuring secretary stating that Dammam Commercial Court had approved the final list of creditors’ claims.