Wafa Insurance’s creditors approve financial reorganization

The creditors of Saudi Indian Company for Cooperative Insurance Co. (Wafa Insurance) approved the financial reorganization procedure under the Kingdom’s new Bankruptcy Law during a meeting held on March 2, 2020. 

The process was implemented under the monitoring of Waleed Sabhi, who has been appointed as a secretary for the required financial restructuring.

Detailed creditors’ voting results for each category will be deposited with the Commercial Court in Riyadh, the Ninth Circuit, in accordance with the provisions of the Bankruptcy Law, the company said in a bourse statement.

The insurer is currently subject to financial reorganization procedures under the Saudi Bankruptcy Law.

In January this year, the Riyadh commercial court approved the financial restructuring plan submitted by Wafa Insurance, as well as the list of the final claims for voting, according to data compiled by Argaam.