Saudi Cable asks court to extend claims’ suspension period

Logo of Saudi Cable Co. 

Saudi Cable Co. (SCC) announced that the Secretary of the Financial Reorganization submitted a request to the court to extend the claims suspension period, which will end on Dec. 4, 2023, for another 180 days.

The company said in a statement on Tadawul that it will disclose any material developments in this regard.

SCC said the extension request is to allow for the completion of the financial reorganization procedure and preparation of the proposal.

There are no costs associated with the event during the current period, it clarified, noting that it will announce the financial impact later, if any.

It confirmed that it is continuing to work on implementing the financial restructuring plan to ensure the company’s continuity in order to benefit shareholders and creditors and to carry out financial reorganization.

In June, SCC announced that Riyadh Commercial Court (fifth appeals circuit) approved its request to start the financial reorganization procedure, as reported earlier by Argaam.

The court overturned the judgment issued by the fourth circuit at Jeddah Commercial Court.

In March, SCC said the court rejected the request to open financial reorganization procedure.

In January, SCC filed an application for opening financial reorganization procedure, which was referred to Jeddah Commercial Court.