Abdullah A. M. Al-Khodari Sons Co. announces the latest developments regarding the progress of the financial reorganization procedure as one of the procedures of the bankruptcy system
|Previous Announcement||The developments of the company's financial reorganization procedure as one of the bankruptcy system procedures, as the previous announcement included that the court's decision is issued regarding approving the list of creditors' claims and that the company is still awaiting the court's decision regarding the determination of the time frame for submitting proposal for financial reorganization.|
|Date of Previous Announcement on Tadawul's Website||2020-01-14 Corresponding to 1441-05-19|
|Progress||do not apply|
|Event's Expected Completion Date||After the Commercial court of Dammam issued it’s decision on 19 Jumada Al-Awwal 1441 corresponding to January 14, 2020 which includes “Approving the list of creditors’ claims; some creditors of the company have filed appeal to the court against the court decision on their claims. The company is still awaiting the court’s further decision regarding the final list of approved creditors’ claims, and then in case of approval, the time frame in which the company must submit a proposal for financial reorganization that will be put for the voting of the company’s creditors and shareholders. |
The company will announce when the court's decision is issued regarding the approval of list of creditors’ claims and the determination of the time frame for submitting the proposal for financial reorganization, or any developments regarding the progress of the procedure, in due course.
|Reasons for Exceeding the Announced End Date||The previous announcements did not include a specific date for the court’s decision regarding the determination of the time frame for submitting proposal for financial reorganization|
|Expenses Related to the Event, Whether They Changed or Not and Justification||There are no costs associated with the event|
|Impact of the Delay on the Company's Financial Results||It is not currently possible to determine the financial impact that may result from the conduct of the financial reorganization and the developments thereof, and this effect - if any - will be disclosed at the time.|
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