Riyadh court approves Wafa’s financial restructuring plan
Tuesday, 04 28 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announced that the financial restructuring plan was approved on April 26 by the Commercial Court in Riyadh.
The company further explained in a statement on Tadawul that the ruling has set today, April 27, for handing over the copy of the ruling to the court’s judicial handing section. The objection period against the ruling is within 30 days.
It is currently difficult to estimate the related financial impact of the restructuring plan and any impact will be disclosed in due course, the statement noted.
In early March, creditors of Wafa Insurance approved the financial reorganization procedure under the Kingdom’s new Bankruptcy Law.