Saudi Cable Company announces the latest updates regarding the previous Company announcement regarding the verdict of the Appeal Court in the case for opening the “Financial Restructuring Procedure”
| Element List | Explanation |
|---|---|
| Introduction | Referring to the previous announcement from the Saudi Cable Company on 18/11/1444 corresponding to 07/06/2023 regarding the verdict of the Appeal Court in the case for opening the “Financial Restructuring Procedure” which was as follows:
1. Repealing the judgment issued by the Fourth Circuit of the Commercial Court in Jeddah. 2. Approval of the opening of the Financial Restructuring Procedure for the company. 3. Appointing Mr. Waleed Sobahi as a trustee to carry out the Financial Restructuring Procedure. 4. Determining the deadline granted to the company by the Fifth Appeal Chamber of the Commercial Court in Riyadh, which is 180 days from the date of opening the procedure to submit the proposal to the Commercial Court in Jeddah.
Saudi Cable Company would like to announce to its shareholders that on 30/11/2023, the Financial Restructuring Trustee submitted a request to the Fourth Champer of the Commercial Court in Jeddah to extend the proposal submission period, which ended on 04/12/2023, by 180 days, and the session has been attended on Tuesday 09/09/1445 corresponding to 19/03/2024, and we received the ruling rejected the request to extend the period for submitting the proposal on Monday 15/09/1445 corresponding to 03/25/2024. The company would like to clarify that this ruling concerns the request to extend the period for submitting the proposal, and not the Financial Restructuring Procedure. The company also notes that it has submitted the FRP proposal to Financial Restructuring Trustee as announced on March 14, 2024 (Saudi Cable Company announces the submission of the Financial Restructuring Procedure Proposal to the FRP Trustee), the FRP Trustee is expected to submit it to the court immediately after completing its final review. The company will announce any material developments in this regard. |
| Previous Announcement | the previous Company announcement regarding the verdict of the Appeal Court in the case for opening the “Financial Restructuring Procedure”. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-06-07 Corresponding to 1444-11-18 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | announce to its shareholders that on 30/11/2023, the Financial Restructuring Trustee submitted a request to the Fourth Champer of the Commercial Court in Jeddah to extend the proposal submission period, which ended on 04/12/2023, by 180 days, and the session has been attended on Tuesday 09/09/1445 corresponding to 19/03/2024, and we received the ruling rejected the request to extend the period for submitting the proposal on Monday 15/09/1445 corresponding to 03/25/2024.
The company would like to clarify that this ruling concerns the request to extend the period for submitting the proposal, and not the Financial Restructuring Procedure. The company also notes that it has submitted the FRP proposal to Financial Restructuring Trustee as announced on March 14, 2024 (Saudi Cable Company announces the submission of the Financial Restructuring Procedure Proposal to the FRP Trustee), the FRP Trustee is expected to submit it to the court immediately after completing its final review |
| 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 at the moment, the financial impact will be disclosed later if it exists. |
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