Tihama seeks deadline extension for claim suspension, proposal submission

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising, Public Relations and Marketing Co. announced that 150-day grace period granted by the Commercial Court to open the financial reorganization procedures, expired on May 6.

In a statement to Tadawul, the company pointed out that the financial reorganization trustee submitted a request to the court to extend the period for suspending claims and submitting the proposal.

To date (June 6) no response was received from the court, the statement added, indicating any relevant material developments will be announced in due course.

The delay was attributed to completion of financial reorganization procedures and preparation for proposal.

It is not possible to set a date for completion at present, Tihama stressed.

In December, Tihama announced that the Commercial Court in Riyadh issued a ruling on opening the financial reorganization procedures for the company, Argaam earlier reported.

The court's ruling included appointing Osama Al-Sudais as office trustee to carry out the financial reorganization procedures.