Azmeel Contracting obtains financial restructuring approval: Argaam

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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.

The company is seeking to reinforce its position in the market and benefit from the rapid economic transformation in the Kingdom, Argaam reported. 

Based in Saudi Arabia, Azmeel Contracting, part of the Azmeel Group, is involved in construction primarily across the eastern province.