This came after the company submitted a new request to terminate the FRP with the Fourth Circuit in Jeddah
Saudi Cable Co.said that the Fourth Circuit in Jeddah approved today, Dec. 25, the company’s request to terminate the financial restructuring procedure (FRP). 
In a statement to Tadawul, the company said, based on the ruling issued, the procedure will be terminated and the company will exit the financial reorganization.
Saudi Cable also highlighted that the judgment is verbal, and the judgment instrument will be received later, noting that it will also contact its 790 creditors whose claims have been proven to review the procedures and mechanism for the payment of their claims.
The company further confirmed that there are currently no costs linked to the development. It will disclose any financial impact, if any, and announce any material updates in due course.
Argaam data shows the company first filed for financial restructuring in November 2022. The Commercial Court rejected the filing in March 2023, but the Appeals Court overturned the decision in June 2023 and approved opening the procedure.
On Jan. 7, the court annulled the prior creditors’ claims list, removed trustee Waleed bin Mohammed Subhi, and appointed Khalid Hawsawi due to violations of the Bankruptcy Law related to mishandling the presentation of claims.
On Nov. 24, the board submitted a request to the Fourth Circuit to end the restructuring after reviewing the company’s financial and legal situation and concluding that operational and financial obstacles had eased, signaling a phase of near- and long-term recovery and growth.
On Dec. 11, Saudi Cable announced that the Fourth Circuit of the Jeddah Commercial Court rejected its request to end the financial restructuring procedure, meaning the process will continue.
This came after the company submitted a new request to terminate the FRP with the Fourth Circuit in Jeddah
Saudi Cable Co.said that the Fourth Circuit in Jeddah approved today, Dec. 25, the company’s request to terminate the financial restructuring procedure (FRP).
In a statement to Tadawul, the company said, based on the ruling issued, the procedure will be terminated and the company will exit the financial reorganization.
Saudi Cable also highlighted that the judgment is verbal, and the judgment instrument will be received later, noting that it will also contact its 790 creditors whose claims have been proven to review the procedures and mechanism for the payment of their claims.
The company further confirmed that there are currently no costs linked to the development. It will disclose any financial impact, if any, and announce any material updates in due course.
Argaam data shows the company first filed for financial restructuring in November 2022. The Commercial Court rejected the filing in March 2023, but the Appeals Court overturned the decision in June 2023 and approved opening the procedure.
On Jan. 7, the court annulled the prior creditors’ claims list, removed trustee Waleed bin Mohammed Subhi, and appointed Khalid Hawsawi due to violations of the Bankruptcy Law related to mishandling the presentation of claims.
On Nov. 24, the board submitted a request to the Fourth Circuit to end the restructuring after reviewing the company’s financial and legal situation and concluding that operational and financial obstacles had eased, signaling a phase of near- and long-term recovery and growth.
On Dec. 11, Saudi Cable announced that the Fourth Circuit of the Jeddah Commercial Court rejected its request to end the financial restructuring procedure, meaning the process will continue.
