Thimar Holding files with financial regulator to delay creditor payments for 11 months

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. submitted, on Oct. 19, a request to the financial regulator for postponing creditor payments for 11 months, in accordance with the loan rescheduling regulations.

The move is aimed at giving the company sufficient time to prepare the paperwork required for implementing the financial restructuring plan, Thimar said in a statement to Tadawul.

The company is waiting for a response from the competent authorities.  

Any relevant update will be announced later, the company concluded. 

Last March, Thimar said a commercial court in Riyadh accepted its proposal for financial reorganization, Argaam reported.