Tihama to file appeal after Commercial Court rejects financial restructuring proposal

16/01/2024 Argaam

Tihama to file appeal after Commercial Court rejects financial restructuring proposal

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co.’s board decided to file an appeal against the preliminary ruling issued by the Commercial Court in Riyadh, Ninth Circuit, refusing to ratify and terminating the proposal for a financial restructuring procedure (FRP).

 

Earlier this month, Tihama said that Riyadh’s Commercial Court rejected and ended a proposal for FRP, Argaam reported. The court had accepted the proposal in November 2023 to vote on it.

 

In December 2023, Tihama’s shareholders approved the financial reorganization proposal under the Saudi Bankruptcy Law.

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