Saudi Cable files objection to 3 creditor claims

Saudi Cable Co. announced that it has taken several measures in response to the ruling issued by the Fourth Circuit of the Commercial Court in Jeddah on Jan. 7, 2025, which approved the dismissal of the financial reorganization trustee and the appointment of a new one.

According to a statement on Tadawul, the company submitted objections on July 27, 2025, against three claims (Tathmeer Investment Co., Rawafed Almostaqbal Co., and Xenel Industries Ltd.).

The court accepted the three objections and subsequently requested the opinion of the financial reorganization trustee, Khalid Hawsawi, who agreed with the debtor’s position (Saudi Cable) as presented in the objection form.

On Aug. 17, 2025, the Fourth Circuit of the Commercial Court submitted the objection form to the three creditors and granted them a deadline to respond, after which they filed their replies.

The company, in turn, informed the court on Aug. 26, 2025, that it had no further response.

Accordingly, the court will review the company’s objections along with the creditors’ response. If the court finds the objections valid, a new case number will be registered, and a hearing date will be set to issue a ruling on the creditors’ claims list.

Saudi Cable clarified that there are currently no costs associated with the case, and any financial impact will be disclosed later if applicable, adding that any subsequent material developments will be announced in due course.

Last July, Saudi Cable announced that it received a ruling related to an appeal request filed by the former trustee, Waleed Subhi, along with two creditors, on Jan. 20, 2025.

On July 2, 2024, the company filed an urgent request with the Fourth Circuit of the Commercial Court in Jeddah regarding violations it identified in the creditors’ claims list submitted by the bankruptcy trustee. This list had been reviewed by the previous management and approved by the Commercial Court on April 2, 2024.

The company also announced in July 2024, receiving a letter from the financial reorganization trustee confirming the submission of a proposed financial reorganization plan to the Fourth Commercial Circuit in Jeddah.