Thimar Holding submits financial reorganization plan to Riyadh court

A branch of Thimar Holding

Thimar Development Holding Co. Submitted, on Feb. 6, the financial reorganization plan to the Ninth Commercial Circuit of the Commercial Court in Riyadh by the Secretary of Financial Regulation, Hani Alogaili.

Any material development will be announced in due course, Thimar said in a statement to Tadawul.

In October, Thimar was notified by its attorney that the Commercial Court in Riyadh agreed to extend the deadline for preparing the financial restructuring proposal for 100 days, starting from Sept. 2, 2021, Argaam earlier reported.

The company was then notified in December that the deadline was extended for 60 days, starting from Dec. 10, 2021.

In April, Thimar said that the Commercial Court in Riyadh issued a decision to open the procedures for financial restructuring.