Saudi Cable submits FRP to Jeddah court

Logo of Saudi Cable Co.

Saudi Cable Co. (SCC) received on March 28 a letter from the trustee office confirming that SCC’s financial reorganization proposal (FRP) was submitted to Jeddah's Fourth Commercial Circuit, the company said in a Tadawul statement.

SCC began to prepare the financial restructuring proposal and discussed it with the trustee over several sessions until the company delivered the final copy to him.

In turn, the trustee reviewed the details of the proposal, and, verified the company’s assets, debts and list of creditors. The trustee also ensured the integrity and fairness of the proposal in order to achieve the continuity of the company’s business and achieve its purposes and objectives, and for the benefit of its shareholders.

The company will announce any further developments as they occur.

On March 27, SCC received a rejection for its request to extend the period for submitting the financial reorganization proposal, according to data compiled by Argaam.

The company stated that the financial reorganization trustee requested an extension for submitting the financial reorganization proposal to Jeddah's Fourth Commercial Circuit, initially due by Dec. 4, 2023, for another 180 days. The court sessions were held on March 19 and 25, when the request was rejected.