Al-Khodari holds presentation on financial restructuring

Abdullah A. M. Al-Khodari Sons Co. (Al-Khodari) announced the completion of a presentation on the latest developments regarding the company’s financial restructuring procedure (FRP) at Mercure Hotel, Al Khobar, on Feb. 4, 2020.

The company said in a statement to Tadawul that the presentation reviewed the current status of the FRP, the expected schedule for completing the FRP, as well as latest developments related to the company’s capital restructuring plan.

The presentation was attended by some of the company’s shareholders, the FRP secretary appointed by Dammam Commercial Court, and legal and financial consultants/ representatives.

The presentation was made by deputy chairman Jamil Al-Khodari, board member and CEO Fawaz Al-Khodari, apart from a representative from Deloitte, the consultancy firm for the company.

While noting that a Q&A session followed the presentation, the statement added that the objective of the meeting was to clearly explain the current situation of the company as well as to demonstrate its seriousness related to FRP.

The statement added that in no way the presentation be considered a recommendation from the company’s management to take any investment decision.

On July 1, Dammam commercial court issued a ruling on initiating the company's financial restructuring process under Saudi Arabia’s new bankruptcy law, and appointed Saleh Abdullah Al-Naeem as secretary of FRP, Argaam reported earlier.