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Saudi Cable Co restructures $170mn debt

Deal signed with three lenders to repay debt over period not exceeding eight years.

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Cable, Saudi cable co, News

Saudi Cable Company has signed a deal with three of its main creditors to restructure SAR 640mn ($170.7mn) of debt.

The debt will be restructured over a period not exceeding eight years, it said in a bourse statement without naming the lenders or giving other details of the restructuring.

The company maintains “normal operational relationships” with one of its lenders, from which it has borrowed SAR 112.9mn, although it has not complied with covenants on those loans, Saudi Cable added.

It is holding talks with another bank about the possibility of restructuring a further SAR 99.6mn of debt, with an agreement expected to be reached before the end of the second quarter.

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