Saudi Cable says ruling issued on objection to creditor claims

Logo of Saudi Cabel Co.

Saudi Cable Co. said a ruling was issued on the company's objection to the list of creditors' claims in the hearing held on Jan. 7 at the Commercial Court in Jeddah.
 
In a statement to Tadawul, the cable manufacturer said the Financial Restructuring Procedure (FRP) Trustee, Waleed Sobhi, was proven to be violating the provisions of the Bankruptcy Law.
 
 

The court invalidated the list of creditors' claims submitted by the trustee and reversed its previous decision issued on April 2, 2024, on adopting the said list.

 

Moreover, the FRP trustee was dismissed, as Khalid bin Yahya Hawsawi was named the new trustee.

 

Any other updates will be duly announced, Saudi Cable added, affirming that there are no related costs. Any financial impact will be announced later.

 

On July 2, 2024, the company filed a claim for the violations found in the list of creditor claims delivered by the bankruptcy trustee with the Commercial Court in Jeddah.

 

In the same month, the cable producer was informed that the FRP was submitted by the trustee. The court adopted that list in April 2024.

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