Saudi Cable says 2nd appeal hearing for financial restructuring pushed to June 7

Logo of Saudi Cable Co.

Saudi Cable Co. attended today, May 31, the appeal hearing for the opening of its financial reorganization procedure at Riyadh Commercial Court, which decided to postpone the hearing to June 7, 2023.

In a statement to Tadawul, the company said it is difficult to determine the expected date of completion of this event at present.

There are no costs associated with the event for now. The financial impact, if any, will be disclosed later.

The cable manufacturer continues to implement the financial restructuring and recovery plan developed by the board of directors and executive management to ensure business continuity for the benefit of shareholders, the statement added.

In March, the court issued a preliminary ruling, rejecting the request to open the company's financial reorganization procedure, according to data available with Argaam.

Later, the Saudi-listed firm appealed the court ruling, which was registered on March 28.