MUSCAT : A Seeb court has issued a judgment rejecting the Sohar Power Company SAOG’s application for bankruptcy.
In a disclosure to Muscat Stock Exchange the company Sohar Power Company SAOG said: “Update on the Application for Bankruptcy, Sohar Power Company SAOG (the company) wishes to inform the Muscat Stock Exchange and the investor community that following the application for bankruptcy of Sohar Power Company SAOG (company) filed in the court, the company attended before the Primary court in a Seeb on November 13 to hear the court judgment.”
The company awaits the details on the judgment, after receipt of which the company will seek advice from its legal advisor and its partners.
The company had filed for bankruptcy protection in June 2023, stating that it was unable to pay its debts and was likely to become insolvent. The company has been unable to secure a contract since the term of Power and Water Purchase Agreement (PWPA) expired on May 15, 2022.
Sohar Power Company had a total installed capacity of 585 MW, generated from its combined cycle gas turbine (CCGT) power plant in Suhar.
The company’s current capital stands at RO 22.1 million, while its outstanding debts amount to RO 39 million.
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