Saudi Cable ……. a branch of the SCC Group
Saudi Cable signs $171m debt restructuring deal
RIYADH, April 23, 2015
Saudi Cable Company has signed a deal with three of its main lenders to restructure SR640 million ($170.7 million) of debt, it said in a statement on Thursday.
The debt will be restructured over a period not exceeding eight years, it said 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 SR112.9 million ($30.1 million), although it has not complied with the covenants on those loans, Saudi Cable added.
It is holding talks with another bank about the possibility of restructuring a further SR99.6 million ($26.5 million) of debt, with an agreement expected to be reached before the end of the second quarter, it said.-Reuters