Jeddah Court rejects Saudi Cable’s move to end financial restructuring

Logo of Saudi Cable Co. (SCC)

Saudi Cable Co. (SCC) said the Fourth Circuit of the Jeddah Commercial Court rejected today, Dec. 11, its request to end the financial restructuring procedure, meaning the process will continue.

The company said on Tadawul that the ruling was delivered orally and the written judgment will be received later. Under the Bankruptcy Law, any interested party may appeal within 14 days of the decision.

Saudi Cable added that there are currently no costs linked to the development. It will disclose any financial impact, if any, and announce any material updates in due course.

Argaam data shows the company first filed for financial restructuring in November 2022. The Commercial Court rejected the filing in March 2023, but the Appeals Court overturned the decision in June 2023 and approved opening the procedure.

On Jan. 7, the court annulled the prior creditors’ claims list, removed trustee Waleed bin Mohammed Subhi, and appointed Khalid Hawsawi due to violations of the Bankruptcy Law related to mishandling the presentation of claims.

On Nov. 24, the board submitted a request to the Fourth Circuit to end the restructuring after reviewing the company’s financial and legal situation and concluding that operational and financial obstacles had eased, signaling a phase of near- and long-term recovery and growth.