Highlights

Alam Maritim inks bilateral agreements with financiers

 Publish date: Thu, 6 Sep 2018, 9:36 PM

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 5.0 per cent, 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

Share this
Labels: ALAM

Related Stocks

Chart Stock Name Last Change Volume 
ALAM 0.105 -0.005 (4.55%) 3,610,800 

  Be the first to like this.
 


 

269  428  536  658 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 KNM 0.35-0.04 
 ISTONE 0.21-0.035 
 GPACKET-WB 0.125+0.005 
 NETX 0.0150.00 
 ARMADA 0.225-0.015 
 IMPIANA 0.03+0.005 
 HSI-H6R 0.39+0.025 
 KNM-WB 0.265-0.025 
 GPACKET 0.445+0.04 
 VELESTO-WA 0.13-0.015 
Partners & Brokers