Al-Khodari awaits court decision to set financial restructuring timeframe

Abdullah A. M. Al-Khodari Sons Co. announced updates related to its financial restructuring process as one of the bankruptcy law’s procedures.

The company said, in a statement to Tadawul on Wednesday, that it is awaiting the court’s decision related to the creditors’ claims in order to set a timeframe for the financial restructuring process, which will be submitted to creditors and shareholders for approval.

Al-Khodari added it will disclose any developments in a timely manner, stressing that it is too early to assess the financial impact of the restructuring process and it will be disclosed, if any, in due course.

In July 2019, Dammam commercial court issued a ruling to initiate Al Khodari’s financial restructuring under Saudi Arabia’s new bankruptcy law.

Three months later in October, the financial restructuring secretary, Saleh Abdullah Al-Naeem, has submitted a list of all creditors’ claims to the court.

The financial restructuring process aims to facilitate reaching an agreement with creditors under the supervision of the financial restructuring secretary, Saleh Abdullah Al-Naeem, which was appointed by Dammam commercial court.