Saudi Cable, lenders agree on debt restructuring deal

23/04/2015 Argaam
Saudi Cable Co. has signed a term sheet with its three major lenders to restructure SAR 640 million in debt over a maximum period of eight years, the company said in a statement to Tadawul.
 
It will maintain its natural operational relationship with one of its lenders, from which it secured a loan of SAR 112.9 million. Meanwhile, it’s currently in talks with another bank to restructure an additional SAR 99.6 million. The statement did not specify the names of any of the banks.
 
Saudi Cable added that a finalized agreement is expected to be reached by the end of the second quarter, and that there would be no financial or legal impact on the company as a result of the negotiations.

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