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.