Saudi Court approves creditors’ claims against Al-Khodari

Abdullah A. M. Al-Khodari Sons Co. announced updates related to its financial restructuring process, as the Commercial Court in Dammam approved creditors’ claims on Tuesday.

The company said, in a statement to Tadawul, that it will set a timeframe for the financial restructuring process after the court’s decision.

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

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

Three months later in October, the commercial court-appointed financial restructuring secretary, Saleh Abdullah Al-Naeem, 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.