Logo of Saudi Cable Co. (SCC)
Saudi Cable Co. (SCC) announced that it attended the hearing session today, Dec. 12, where a judicial ruling was issued approving the extension of the claims suspension period for 180 days from Dec. 2, 2023.
The company said that it is difficult to determine currently the expected date of completion of this event. Additionally, it emphasized that there are no associated costs with this procedure during the current period, and any financial impact, if any, will be announced later.
Saudi Cable affirmed its commitment to implementing the rescue plan and financial restructuring established by the board of directors and executive management. This commitment aims to ensure the company's continuity, benefit shareholders and creditors, and facilitate the financial reorganization process.
In a statement to Tadawul today, the company said it will announce any significant developments in this regard.
According to data available on Argaam, the financial restructuring trustee submitted a request to the court in Nov. to extend the claims suspension period, which will end on Dec. 4, 2023, for another 180 days.
In June, Saudi Cable announced that the court overturned the judgment issued by the fourth circuit at Jeddah Commercial Court and approved its request to start the financial restructuring procedures (FRPs).
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