Creditors of Jabal Sinjar Company Vote in Favor of Selling One of the Company's Branches

In an important step toward liquidating the assets of Jabal Sinjar Company - Under Liquidation - and protecting creditors' rights, the bankruptcy trustee conducted a vote for creditors to approve the sale of one of the company's branches located in the city of Riyadh. The company's creditors voted in favor of the sale. The vote came as the culmination of diligent efforts made by the team at AlSharif, Halwani, AlFarsi & Qashlan Law Firm, under the supervision of Bankruptcy Trustee Osama Al-Farsi, to sell the company's operating assets in a manner that contributes to increasing their market value and attractiveness to investors, thereby benefiting the company's creditors by maximizing their returns.

The vote came in line with the requirements of the Bankruptcy Law, as the asset offered for sale constitutes more than a quarter of the bankruptcy assets, which necessitates obtaining the approval of creditors. This vote serves as an indicator of the creditors' confidence in the liquidation mechanisms and the measures taken by the bankruptcy trustee in the asset sale plan.

It is worth noting that Jabal Sinjar Company - Under Liquidation - was previously subject to the Financial Reorganization Procedure; however, the financial reorganization proposal was not accepted by the creditors, prompting the First Commercial Circuit in Dammam to issue a judgment ending the financial reorganization procedure, opening the liquidation procedure, and appointing Attorney Osama Al-Farsi as trustee for the procedure.

Link to the announcement of the opening of liquidation on the Bankruptcy Commission website: Click here