Nasser Al-Anzi, Chairman of the Board of Directors of  Investment Dar Company, said that the company submitted a request to register its debt restructuring plan to the Bankruptcy Department, and the request was registered under No. 3/2024.

He explained that the company presented its plan to creditors, through the creditors' meeting held on 8/28/2024, which the full details of the plan were presented, and summarized in transferring ownership of all assets of "The Investment Dar " to a company owned by creditors by 90%, and The Investment Dar  Company by 10%, so that creditors obtain 40% of their debts within 30 months by selling the assets.

Al-Anzi stated that if the company does not commit to paying 40 percent to creditors within 30 months, “The Investment Dar” will consequently be deprived of 10 percent in the new company that owns “The Investment Dar” assets.

He pointed out that the company is currently awaiting creditors’ approvals for the proposed plan, so that the bankruptcy administration can study the request and approve the plan or not.
He said that if the restructuring plan is approved by the bankruptcy administration, the plan will be under judicial supervision from the bankruptcy administration directly, as well as under government supervision, through the bankruptcy committee, in addition to the restructuring trustee, who will be appointed by the bankruptcy administration after the plan is approved.

Al-Anzi confirmed that the company is making every effort and harnessing all its capabilities to get out of this crisis, to preserve its legal entity, and to preserve the rights of creditors and shareholders alike.