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Appeal Court Reverses Saudi Cables Reorganization
The Court of Appeal in Riyadh overturned the ruling to terminate the financial reorganization of Saudi Cables Company and reinstated the company under reorganization. The decision was influenced by objections raised by Tmseer Investment and Ruwafid Al-Mustaqbal. The company confirmed that it has paid off most of its debts, totaling approximately 2.247 million riyals, while continuing to address governmental debt obligations. It also rejected the claims made by the two companies on the grounds of contractual violations in agreements signed after the reorganization process began or entered into without the necessary approvals.
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