Tihama says court extends restructuring proposal deadline to Sept. 29

14/06/2023 Argaam

Tihama says court extends restructuring proposal deadline to Sept. 29

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. said that the Commercial Court in Riyadh issued a verdict to extend the deadline for submitting the financial reorganization proposal for a period of 150 days, starting from May 3 until September 29, 2023. 

 

In a statement to Tadawul, the company said that the delay in making an announcement was due to the completion of the financial reorganization procedures and preparing of the proposal. 

 

Tihama had previously initiated the financial reorganization procedures in December 2022. 

 

After the initial grace period expired on May 6, the company requested an extension from the court to suspend creditors' claims and allow sufficient time to finalize the proposal, Argaam earlier reported. 

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