Saudi Cable Company announces its application for the opening of the financial restructuring procedure
|Following the Company’s previous announcement on 12/04/1444H corresponding to 06/11/2022, which includes the decision of the Board of Directors to request the opening of the financial restructuring procedure, Saudi Cable Company announces its application for the opening of the financial restructuring procedure at the competent authority on 18/04/1444H corresponding to 12/11/2022. This action is part of the Company’s efforts, which seeks primarily to maintain its continuity and confirm the preservation of shareholders’ and creditors’ rights. The company wishes to confirm that the file of the financial restructuring procedure is under review and scrutiny with the competent court to complete the legal procedure.
The Company wishes to confirm that it continues to implement the rescue plan and financial restructuring established by the executive management and its Board of Directors which set the continuity of the Company and the preservation of the rights of shareholders their top priority.
It should be noted that the External Auditor’s opinion on the preliminary financial statements of the third quarter reported will be a major supporter of the implementation of the rescue plan and financial restructuring.