23 February, 2024
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Azmeel Contracting obtains financial restructuring approval: Argaam

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Sun, 2022-02-13 15:40

RIYADH: The Azmeel Contracting Co. has received court approval for its proposed financial restructuring, following a creditors’ majority vote of 88 percent, Argaam reported. 

The restructuring plan aims to settle payment to creditors, enabling it to bid for new projects with a better credit standing.

In 2019, Azmeel entered formal bankruptcy proceedings when clients and some public and private entities made late payments, leading to debt accumulation.

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