Saudi Cable challenges preliminary ruling issued against financial reorganization

Saudi Cable Co. (SCC) said it filed an appeal against the court ruling issued on March 13 against its financial reorganization, according to a Tadawul statement.

The move comes out of the company's concern for the continuity of its business, and in order to preserve the rights of its shareholders, creditors and employees, the statement added.

The court ruling received, on March 15, rejected the request to open the company's financial reorganization procedure, In January, SCC filed an application for opening the financial restructuring procedure, which was referred to Jeddah Commercial Court (fourth circuit), Argaam earlier reported.