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 Saudi Cable Company’s announcement on 19/04/1444H corresponding to 13/11/2022 regarding the submission of its application for the opening of the financial restructuring procedure to Jeddah Commercial Court, presented by the legal representative of Bafakih and Nassief Attorneys and Counselors Company, Saudi Cable Company wishes to announce to the shareholders that the application for the opening of the financial restructuring procedure with the Court has been successfully registered on 09/06/1444H corresponding to 02/01/2023, and the request for financial restructuring procedure was transmitted to the 4th Circuit Commercial of Jeddah Commercial Court, and the date of the first session was set on 24/06/1444H corresponding to 17/01/2023.
Previous Announcement
Saudi Cable Company announces its application for the opening of the financial restructuring procedure
Date of Previous Announcement on Tadawul’s Website
2022-11-13 Corresponding to 1444-04-19
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.
