Saudi Cable submits request to open financial restructuring procedure

Logo of Saudi Cable Co.

Saudi Cable Co. submitted yesterday, Nov. 12, a request to open the financial restructuring procedure, according to a statement to Tadawul.

This comes in order to preserve the shareholders' and creditors' rights and the continuity of the company, the statement noted.

It stressed the financial restructuring file is under review and scrutiny with the competent court to complete the legal procedures.

Saudi Cable is continuing to work on implementing the rescue plan and financial restructuring set by its executive management and board of directors.

It pointed to the importance of the external auditor's opinion on the Q3’s initial financials as a major support for rescue plan and financial restructuring.

According to data compiled by Argaam, the board of directors decided recently to request the commercial court’s approval to open the financial restructuring procedure.

The board also authorized Managing Director Nael Fayez to take the necessary relevant regulatory measures to implement the decision.