Thimar pays 2nd installment to creditors

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. paid today, Oct. 22, the second installment of creditors’ dues, amounting to 16% of the company’s obligations under the financial reorganization plan.

The payment covered more than 99% of total creditor amounts, Thimar said in a Tadawul filing.

Accordingly, the total settled amount of its financial restructuring obligations were brought to approximately 66% of the total dues. The remaining payments will be made once all required documents are finalized, in accordance with the applicable regulations.

This step aligned with its previously-announced financial reorganization plan, approved by shareholders, creditors, the financial reorganization trustee, and the Commercial Court, the statement added.

In December 2023, Thimar paid the first installment of 50% of obligations under the approved financial reorganization plan, covering more than 95% of the creditor amounts, data compiled by Argaam showed.