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.

“This admission to CDRC is consistent with PPB’s strategy to streamline its operations and optimise its financial resources to focus and proactively enhance its offshore marine support services segment,” it said.

“It is a follow-on from the company’s previous successful cost rationalised initiative which has had a positive impact on the company’s financials,” it added.

PPB is required to submit a proposed debt restructuring scheme within 60 days from the date of the CDRC approval letter. The admission to CDRC is limited to 12 months upon signing of the restructuring agreement.

The proposed debt restructuring scheme must comply with the CDRC’s restructuring principles for PPB to continue to remain under the standstill arrangement with the lenders.