Saudi Cable says financial reorganization court session postponed to March 13

Logo of Saudi Cable Co.

The third hearing on the financial reorganization of Saudi Cable Co. (SCC), scheduled today, Feb. 27, was postponed to March 13 as the court did not receive the notices from the nominated trustee, SCC said in a statement to Tadawul.

The cable producer indicated that the financial impact cannot be determined at present. SCC affirmed that any updates will be disclosed in due course.

The company continues to work on implementing the financial restructuring and rescue plan developed by its executive management and board of directors, who stressed that ensuring SCC's sustainability and preserving shareholders’ rights top their priorities, the statement added.

In January, SCC filed an application for opening the financial restructuring procedure, which was referred to Jeddah Commercial Court (the fourth circuit), Argaam earlier reported.

The company attended the first hearing of financial restructuring on Jan. 17, which was postponed to Feb. 7. The court received the fourth circuit’s briefing on the case and the accompanying documents, and its verification that the debtor fulfilled what was stipulated in the bankruptcy law, its executive regulations, and the information and documents regulations. The second hearing was then postponed to Feb. 27, as the court said it had not received the notices from the nominated trustee.