Thimar says creditors approve financial reorganization proposal

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. announced that 99.73% of creditors approved the financial reorganization proposal on April 18, according to a bourse filing.

The attendance rate was 96.07% of the total creditors whose claim was approved by the court. The meeting was held under the supervision of the Financial Reorganization Trustee appointed by the Commercial Court in Riyadh, Hani Alogaili. 

Alogaili will deposit the detailed results of the creditors’ vote for each category with the Commercial Court in Riyadh, in accordance with the bankruptcy law provisions. 

Any further developments will be announced in due course, the statement said. 

In February, Thimar submitted the financial reorganization plan to the Ninth Circuit of the Commercial Court in Riyadh. 

In April 2021, Thimar said that the Commercial Court in Riyadh issued a decision to open the procedures for financial restructuring, according to data available with Argaam.