Saudi Cable Company announces the latest developments for the Company’s announcement regarding its application for the opening of the financial restructuring procedure
Referring to the announcement of the Saudi Cable Company on 09/06/1444H corresponding to 02-01-2023 that the application for the opening of the financial restructuring procedure of the Company was successfully registered and the date of the first session was set, Saudi Cable Company wishes to announce to the shareholders that the first session was attended on Tuesday 24/06/1444H corresponding to 17/01/2023.Whereas, 4th division of the court has viewed the lawsuit and the accompanying documents, and has verified that the debtor has fulfilled what was stipulated in the bankruptcy law, its executive regulations, and the information and documents regulations. It was decided to postpone the financial reorganization session, to consider the nomination of the trustees. The session was adjourned, and the court appointed the next session will be on Monday 16 Rajab 1444 AH corresponding to 07 February 2023 AD to consider the case.
Previous Announcement
Saudi Cable Company announces the latest developments for the Company’s announcement regarding its application for the opening of the financial restructuring procedure
Date of Previous Announcement on Tadawul’s Website
2023-01-02 Corresponding to 1444-06-09
Percentage of fulfilled achievement
N/A
Event’s Expected Completion Date
It is difficult to determine the expected date of completion of this event at this time.
Reasons for Exceeding the Announced End Date
The previous announcement did not specify the date of the court’s decision and set the time frame for the submission of the proposal for financial restructuring procedure.
The costs associated with the event, and if they have changed or not with indication of the reasons.
There are no costs associated with the event during the current period and the financial impact will be disclosed at a later date.
Impact of the Delay on the Company’s Financial Results
It is not currently possible to determine the financial impact, and the impact, if any, will be disclosed in a timely manner.
Additional Information
The Company wishes to emphasize that it continues to work on the implementation of the Recovery Plan and the financial restructuring established by its Executive Management and Board of Directors, who emphasize that the continuity of the Company and the preservation of its shareholders’ rights are their top priorities.
