Dammam Court says Al-Khodari’s financial restructuring to be initiated

Abdullah A. M. Al-Khodari Sons Co. said in a bourse filing that Dammam commercial court issued a ruling today as regards initiating the company's financial restructuring under Saudi Arabia’s new bankruptcy law.

The financial restructuring procedure aims to facilitate reaching an agreement with creditors under the supervision of a financial restructuring secretary, the company said.

The financial impact resulting from this procedure is hard to predict at the moment, and the firm will reveal updates should any occurs.

In May, the company was notified today by Dammam commercial court that one of the firm’s creditors has filed for initiating a financial restructuring under Saudi Arabia’s new bankruptcy law, Argaam reported.