Al-Khodari’s financial restructuring case postponed to June 24

Dammam commercial court postponed today the case filed by one of Abdullah A. M. Al-Khodari Sons Co.’s creditors asking for financial restructuring under bankruptcy law to June 24, the company said in a bourse statement.

Al-Khodari’s advocate attended the hearing today, and the court postponed the case so that he can review the documents and information concerning the financial restructuring.

The financial impact resulting from this procedure is hard to predict at the moment, and the firm will reveal updates should any occurs, the statement said.

The firm said last month that it couldn’t reveal 2018 financials as it’s still fulfilling audit requirements after its accumulated losses accounted for 198.52 percent of capital.