Hearing on Saudi Cable's request to extend claims’ suspension period set for Dec. 12

Logo of Saudi Cable Co.

Saudi Cable Co. announced that a hearing session will be held on Dec. 12 to discuss a request to extend the claims suspension period submitted by the financial restructuring trustee.

In a statement to Tadawul, the company said any significant developments related to that matter would be announced.

Saudi Cable said that it is difficult to determine the expected date of completion of this event at this moment. In addition, it emphasized that there are no associated costs with this procedure during the current period, and any financial impact, if any, will be announced later.

The company affirmed its commitment to implementing the rescue plan and financial restructuring established by the board of directors and executive management. This commitment is aimed at ensuring the company's continuity, benefiting shareholders and creditors, and facilitating the financial reorganization process.

In Nov., the financial restructuring trustee submitted a request to the court to extend the claims suspension period, which will end on Dec. 4, 2023, for another 180 days, as reported earlier by Argaam.

Additionally, Saudi Cable announced in June that the court approved its request to start the financial restructuring procedures (FRPs) and overturned the judgment issued by the fourth circuit at Jeddah Commercial Court.