Saudi Cable submits financial restructuring procedure proposal to trustee

Logo of Saudi Cable Co.

Saudi Cable Co. announced the submission of the financial restructuring procedure (FRP) proposal on March 12 to the FRP trustee appointed by the Fifth Appeals Chamber in Commercial Court in Riyadh for Case No. (256), the company said in a statement to Tadawul.

Any new developments will be announced in due course.

The submission was concluded following the efforts of the company’s board of directors and executive teams, harnessing its resources and powers, and in close cooperation with a local and international group of financial, administrative, and legal advisors and under the direct supervision of the financial restructuring trustee.

The company evaluated its current circumstances and carefully studied the internal and external factors, as well as future and potential outcomes to preserve the interests of its shareholders and ensure its continuity.