Al-Khodari submits 30-day extension request for financial reorganization proposal submission

Logo of Abdullah A. M. Al-Khodari Sons Co.

Abdullah A. M. Al-Khodari Sons Co. (Al-Khodari) submitted a request to the Commercial Court in Dammam on March 15, 2021, to extend the deadline for submitting the proposal for financial reorganization for an additional 30 days, the company said in a bourse statement.

The extension was requested due to the developments affecting the company and the proposal, which are as follows:

1) Final approval of the creditors’ claims list and its effect on the quorum of voting.

2) Preparing and approving the company's financial statements for the years 2018, 2019, and 2020, which are expected to be completed in the near future, and their effect on the company's debt statement and its future financial flows.

3) Observations received from creditors on the settlement terms may affect the basis of the terms and conditions of the debt scheduling and the repayment mechanism in the financial reorganization proposal.

The company added that it is currently difficult to determine the financial impact and developments resulting from the financial restructuring procedures, and updates will be disclosed, if any, on time.

On March 15, Al-Khodari announced that the financial restructure secretary received the final ruling from the Riyadh Commercial Court, accepting six and rejecting 20 creditor appeals.