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Saudi Cable Co. announced that the Fourth Circuit of the Commercial Court in Jeddah rejected the request to extend the period of submitting the financial restructuring procedure (FRP) proposal, according to a statement to Tadawul today, March 27.
The company’s financial restructuring trustee submitted a request to the Fourth Circuit of the Commercial Court in Jeddah for the 180-day extension of the proposal submission period, which ended on Dec. 4, 2023. The court session was attended on March 19 and the company received the denial ruling on March 25, it added.
Saudi Cable also clarified that this ruling is related to the request to extend the period for submitting the proposal, and not the FRP.
The company also indicated that there are no costs associated with the event at the moment, adding that the financial impact will be disclosed later if any.
According to data available on Argaam, Saudi Cable’s financial restructuring trustee submitted a request to the court in November 2023 to extend the claims suspension period, which will end on Dec. 4, 2023, for another 180 days.
In June 2023, Saudi Cable announced that the Riyadh Commercial Court (fifth appeals circuit) overturned the judgment issued in March 2023 by the fourth circuit at Jeddah Commercial Court and approved the former’s request to start the FRP.
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