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Saudi Cable Co. submitted an application to request the termination of the financial restructuring procedure, after studying the financial and legal situation by the board
Saudi Cable Co.’s board of directors approved and submitted, on Nov. 24, to the Fourth Circuit of the Commercial Court in Jeddah, an application to request the termination of the financial restructuring procedure.
The step came after studying the financial and legal situation by the board and ensuring the absence of all legal, operational and financial symptoms and obstacles of the company, and believing in a future vision for the company that includes the stage of recovery and growth at the near and long levels, according to a statement to Tadawul.
Saudi Cable has previously submitted its objection to three claims (the claim of Tathmeer Investment Co., Rawafed Al-Mustaqbal Co., and Zainal Industries Co. Limited, the company said, noting t that a hearing has been set for Oct. 28, 2025, but the company has not been present.
Moreover, the company clarified that if the court approves the termination of the financial reorganization procedure, the company's request to object to the three claims will be cancelled, whereas if the termination of the financial reorganization procedure is not accepted, the financial reorganization procedure will continue, and the objection to the three claims will also continue.
The court acceptance of Saudi Cable’s request to terminate the financial reorganization procedure, shall not prevent any interested party, whether creditors, debtors or the competent authority from applying to the court to open any of the bankruptcy proceedings in the event that the conditions set forth in the Bankruptcy Law, the statement added.
The financial impact of terminating the financial restructuring procedure will be determined later, if the court approves the company's application. Any further material developments will be announced in due course, the cables producer further indicated.
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