Saudi Cable says financial restructuring application registered with Jeddah Commercial Court

Logo of Saudi Cable Co.

Saudi Cable Co. said that its application for opening the financial restructuring procedure was successfully registered today, Jan. 2, with Jeddah Commercial Court (the fourth circuit), and the date of the first session was set on Jan. 17.

In a statement to Tadawul, the cable producer said that it is currently difficult to determine the expected date of the completion of this procedure. There are no costs related to this event during the current period and the financial impact will be disclosed later.

Saudi Cable continues to work on its recovery and financial restructuring plan developed by its executive management and board of directors, who emphasize that the continuity of the company and the preservation of its shareholders' rights.

In November, the company’s board filed with the competent commercial court for opening the financial restructuring procedure, Argaam reported.