Perdana Petroleum gets CDRC help to restructure debts

The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.

KUALA LUMPUR: Perdana Petroleum Bhd (PPB) is expected to submit a plan to manage its debts within 60 days after getting help from Corporate Debt Restructuring Committee (CDRC) of Bank Negara to negotiate with its lenders.

The company, in a filing with Bursa Malaysia today, said it had received the approval from CDRC on July 2.