Perwaja stuck in a stalemate


Payment defaults: Perwaja’s Kemaman plant was forced to shut down in August 2013 after its energy supply was cut, as the company had repeatedly missed payments to Tenaga and Petronas.

THE latest restructuring plan to fix ailing steel maker Perwaja Holdings Bhd, which would have seen the entry of a diversified China-based group as a strategic shareholder, fell through because it did not meet the expectations of its long-standing creditors, sources say.

Perwaja, which has outstanding debts of about RM2bil, owes utility providers Tenaga Nasional Bhd (Tenaga) and Petronas Gas Bhd (PetGas) over RM400mil in electricity bills and gas supplied. It is also said to owe the government over RM200mil, with the rest owed to banks and other parties.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 53
Cxense type: NA
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Business , perwaja

   

Next In Business News

Wall Street opens lower as rally in growth stocks falters
Axiata’s tower arm edotco weighing US$700mil financing, sources say
MYAirline to operate as LCC, not ULCC
MUI sells 5.57% stake in PMC for RM6.45mil
Wiki Impact report: Bursa top 20 companies donated RM159.69mil in cash in 2021
FMM: Implementation of CPTPP is timely for Malaysian businesses to recover
Ringgit strengthens against US dollar at the close
Ancom Nylex completes acquisition of 25% stake in Ancom-Chemquest Terminals
RHB Bank Cambodia aims to become SME bank of choice by 2024
Bursa Malaysia ends higher for third consecutive day on Wall St rally

Others Also Read