KUALA LUMPUR (Oct 25): The High Court on Wednesday has granted Alam Maritim Resources Bhd (AMRB) and its subsidiary Alam Maritim Sdn Bhd (AMSB) an order for the companies to summon meetings of creditors within three months.

Judge Atan Mustaffa Yussof Ahmad also agreed to order a three-month restraining order to restrain current and further proceedings against AMSB.

AMRB and AMSB were represented by Lee Shih, Wong Chee Chien and Pang Huey Lynn of Messrs Lim Chee Wee Partnership.

These are the third set of court proceedings for the scheme of arrangement and restructuring.

Prior to this in January, the High Court granted both AMRB and AMSB a three-month period to hold a meeting with its creditors and a three-month restraining order in a bid to restructure the payment of its debts.

Earlier this month, it was reported that AMRB and AMSB submitted an application to Bursa Malaysia Securities Bhd for an extension of time to submit a regularisation plan to address its Practice Note 17 (PN17) status.

It fell into PN17 status on Oct 31, 2022, after its external auditors expressed a disclaimer of opinion in its financial statement for the six-month period ended June 30, 2022.

The initial deadline for Alam Maritim to submit its regularisation plan was by end of this month.

The group had a restraining order against its creditors, and extension of time up until Oct 11, 2023 for leave to summon meetings of the creditors in relation to its scheme of arrangement.

As at end-June 2023, Alam Maritim had negative total equity of RM58.14 million, down from RM72.79 million 12 months prior at end-June 2022.

Also read: Alam Maritim given three months to hold meeting with creditors

Alam Maritim seeks deadline extension to submit regularisation plan