Data News > Saudi Cable Co. Announces Judicial Judgement on Objecting to Creditors' Claims
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Saudi Cable Co. Announces Judicial Judgement on Objecting to Creditors' Claims
By KlickAnalytics Data Insights | January 8, 2025 05:06AM ET
- The Board of Directors updates shareholders on the outcome of the judicial session held on 07/01/2025
- Mr. Waleed bin Mohammed Sobhi found responsible for violating Bankruptcy Law
- Mr. Khalid bin Abdulaziz bin Yahya Hawsawi appointed as Trustee of the procedure
In a recent announcement, the Saudi Cable Company provided an update on the previous objection to the list of creditors' claims. Following a judicial session held on 07/01/2025, the Board of Directors disclosed the outcome. The Financial Restructuring Procedure Trustee, Mr. Waleed bin Mohammed Sobhi, was found responsible for breaching Bankruptcy Law. Additionally, the list of creditors' claims submitted by Mr. Walid bin Muhammad Subahi was deemed invalid. The court overturned its previous decision and appointed Mr. Khalid bin Abdulaziz bin Yahya Hawsawi as the new Trustee of the procedure.
The company's previous objection to the list of creditors' claims was initially announced on 29/03/1446H corresponding to 02/10/2024G. The recent judicial judgment marks a significant development in the ongoing restructuring process. The dismissal of Mr. Walid bin Muhammad Subahi and the appointment of a new Trustee signal a shift in the company's approach towards resolving its financial obligations.
As of now, there are no costs associated with the event, and any potential financial impact will be disclosed in due course. Shareholders can expect further updates as the situation progresses.
- Mr. Waleed bin Mohammed Sobhi found responsible for violating Bankruptcy Law
- Mr. Khalid bin Abdulaziz bin Yahya Hawsawi appointed as Trustee of the procedure
In a recent announcement, the Saudi Cable Company provided an update on the previous objection to the list of creditors' claims. Following a judicial session held on 07/01/2025, the Board of Directors disclosed the outcome. The Financial Restructuring Procedure Trustee, Mr. Waleed bin Mohammed Sobhi, was found responsible for breaching Bankruptcy Law. Additionally, the list of creditors' claims submitted by Mr. Walid bin Muhammad Subahi was deemed invalid. The court overturned its previous decision and appointed Mr. Khalid bin Abdulaziz bin Yahya Hawsawi as the new Trustee of the procedure.
The company's previous objection to the list of creditors' claims was initially announced on 29/03/1446H corresponding to 02/10/2024G. The recent judicial judgment marks a significant development in the ongoing restructuring process. The dismissal of Mr. Walid bin Muhammad Subahi and the appointment of a new Trustee signal a shift in the company's approach towards resolving its financial obligations.
As of now, there are no costs associated with the event, and any potential financial impact will be disclosed in due course. Shareholders can expect further updates as the situation progresses.
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