Saudi Cable delivers FRP to procedure trustee

Saudi Cable Co. (SCC) delivered, on June 29, the final revised financial restructuring proposal (FRP) to the procedure trustee Walid Sobhi, a statement said to Tadawul.

The submission was accompanied by complete supporting documents, ensuring accurate information to facilitate fair voting for both creditors and shareholders.

In a statement to Tadawul, the company said this action followed necessary modifications to rectify errors in the previous FRP, both in form and substance, following approval by the board of directors.

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Any further developments in this regard will be announced in due course, the statement added.

According to data available on Argaam, the Commercial Circuit Court recently ratified cancelling the request by the company’s procedure trustee to submit the FRP to the court. Saudi Cable then announced preparing the alternative proposal within 22 days from the date of issuance of the decision and submitting it to the respective department.