Saudi Cable says court approves list of creditors' claims

Logo of Saudi Cable Co. 

Saudi Cable Co. (SCC) announced attending a court session today, April 2, wherein a ruling was issued approving the list of creditors' claims, according to a statement to Tadawul.

Currently, there are no costs associated with the event, the company said, adding that the financial impact will be disclosed later if applicable.

Saudi Cable reiterated its commitment to implementing the recovery plan and the financial restructuring outlined by the board of directors and executive management. The measures aim to ensure the company’s continuity and operations to the benefit of its shareholders, creditors and the financial restructuring procedure.

The company received, on March 28, a letter from the trustee office confirming that its financial reorganization proposal (FRP) was submitted to Jeddah's Fourth Commercial Circuit, according to data available with Argaam.

This followed a review of the proposal, including examining the company’s assets, debts and list of creditors, as well as ensuring the integrity and fairness of the FRP, according to Argaam's data.