Thimar says Riyadh Commercial Court accepts financial reorganization plan

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. stated that the Ninth Circuit of the Commercial Court in Riyadh accepted, today, March 23, the company’s financial reorganization proposal, according to a bourse filing.

In addition, the court set April 14 and April 18 for shareholders and creditors, respectively, to vote on the proposal.

Further developments will be announced in due course, the company added.

In October 2021, Thimar was notified by its attorney that Riyadh Commercial Court agreed to extend the deadline for preparing the financial reorganization proposal for 100 days, starting from Sept. 2, 2021, according to data available with Argaam.

Meanwhile, the court approved to extend the period of suspending creditors’ claims for 80 days, starting from Oct. 5, 2021.

In April 2021, Riyadh Commercial Court decided to open the financial reorganization procedures for the company and appoint a trustee to carry out the financial regulation work.