Alam Maritim completes debt restructuring exercise

  • Corporate News
  • Thursday, 06 Sep 2018

In a filing with Bursa Malaysia, the oil and gas services company said its wholly owned subsidiary Alam Maritim (M) Sdn Bhd had recently been awarded the contract that would be effective from Aug 30, 2018, and would expire five years thereafter.

KUALA LUMPUR: ALAM MARITIM RESOURCES BHD has entered into supplemental agreements (bilateral agreements) with its financiers to restructure existing debts in accordance to a proposed restructuring scheme.

In a filing with Bursa Malaysia today, the offshore service provider said general salient terms of the proposed restructuring scheme included repayment terms ranging from a one year to a seven year tenure facility commencing from the date of the bilateral agreements. 

“Profit charged shall be as at the last accepted rate of the existing (loan) facilities, subject to a maximum of 5%, whichever is lower.

“In respect of idling vessels, the restructured facilities shall be settled from the sale proceeds of the respective charged vessels,” Alam Maritim said.

It added that the successful completion of the debt restructuring exercise would improve the group's financial position going forward to weather the market slowdown and remain competitive, and sustain its business in the offshore oil and gas industry.  

In May 2017, the company received a letter from CDRC approving its application to come up with a proposed debt restructuring scheme.  The CDRC acted as a mediator between Alam Maritim, and its financiers and bond holders.  - Bernama

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