Peri­sai Petroleum must sub­mit re­struc­tur­ing plan to CDRC by Jan 10

The Sun (Malaysia) - - SPEAK UP -

PETALING JAYA: Peri­sai Petroleum Te­knologi Bhd has un­til Jan 10, 2017 to sub­mit a re­struc­tur­ing scheme to the Cor­po­rate Debt Re­struc­tur­ing Com­mit­tee (CDRC).

Peri­sai sought the com­mit­tee’s help to me­di­ate with its lenders af­ter de­fault­ing on a US$125 mil­lion (RM377.5 mil­lion) bond.

CDRC, which was set up in a pre-emp­tive mea­sure by the Malaysian gov­ern­ment to pro­vide a plat­form for cor­po­rate bor­row­ers and their cred­i­tors to work out fea­si­ble debt res­o­lu­tions with­out go­ing to court, ac­cepted Peri­sai’s ap­pli­ca­tion for as­sis­tance on Nov 10.

The com­mit­tee has in the mean­time is­sued let­ters re­quest­ing lenders of Peri­sai to ob­serve an in­for­mal stand­still and to with­hold lit­i­ga­tion pro­ceed­ings against Peri­sai with im­me­di­ate ef­fect.

Last month, Peri­sai was served with a no­tice of de­mand for the bond pay­ment, which was due on Oct 3.

Peri­sai dis­closed the in­for­ma­tion yes­ter­day in re­sponse to a query by Bursa Malaysia.

Peri­sai’s ad­mit­tance to CDRC is limited to six months or upon the sign­ing of a debt re­struc­tur­ing agree­ment, whichever comes ear­lier.

“Upon re­ceipt and re­view of the pro­posed scheme, CDRC shall call for a meet­ing with the lenders to de­lib­er­ate on the pro­posed scheme,” it added.

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