Dammam Commercial Court approves Al-Khodari’s financial reorganization proposal

06/07/2021 Argaam

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

Abdullah A. M. Al-Khodari Sons Co. announced that the Commercial Court in Dammam accepted, on July 1, its proposed financial reorganization plan, according to a bourse statement.

 

The court also set Aug. 1 and Aug. 4 as dates for shareholders and creditors' voting on the proposal, respectively.

 

The firm is working on the voting mechanism for creditors and shareholders, as per the bankruptcy law, the statement said, adding that details will be announced later.

 

In May, Al-Khodari said Dammam Commercial Court approved its request to extend the period specified for submitting the proposed financial reorganization until Aug. 1.

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