Alam Maritim gets extension until Aug 11 to submit revamp scheme

The oil and gas (O&G) service provider said that the extension was granted because of the pending completion of an independent business review (IBR) by the financial adviser, Ernst & Young.

PETALING JAYA: Alam Maritim Resources Bhd has received an extension until Aug 11 to submit its proposed restructuring scheme (PRS) on its debt.

In a filing with Bursa Malaysia, Alam Maritim said that the Corporate Debt Restructuring Committee (CDRC), a unit of Bank Negara, had granted it an extension of time to submit the proposal.

The oil and gas (O&G) service provider said that the extension was granted because of the pending completion of an independent business review (IBR) by the financial adviser, Ernst & Young.

It said the IBR report would assess the company’s viability and its ability to meet its debt obligations to the respective financial institution creditors, and thus, was crucial in ensuring the completion of the PRS.

Alam Maritim added that the extension was also because of pending information from the ongoing major tendering activities, which will involve the redeployment of the company’s vessels and had a significant impact on the company’s cash flow and financial performance.

Alam Maritim was expected to hand over the proposed debt restructuring scheme to CDRC yesterday before being granted the extension.

Alam Maritim recently missed a sukuk principal payment of RM30mil that was due on July 6 out of the outstanding RM75mil under its Sukuk Ijarah medium-term notes programme. It has to settle the balance RM45mil in January 2018.