Alam Maritim shares plunge this morning on news of loan restructuring

PETALING JAYA: Alam Maritim Resources Bhd's share price fell 9.38% this morning after the oil and gas player said it is in talks with financiers and sukukholders to restructure its existing loans and sukuk programme.
At 10.28am today, the shares lost 1.5 sen, trading at 14.5 sen with some 3.03 million shares changing hands. It has a market capitalisation of RM147.9 million.
Last Friday, Alam Maritim said the group and its subsidiaries, joint venture companies and associated companies are in active discussions and negotiations with their respective financiers and sukukholders to restructure the repayment terms and conditions of the existing financing facilities and sukuk programme.
The group is required to submit a proposed debt restructuring scheme within 60 days from the date of the approval letter dated May 25, 2017 issued by the corporate debt restructuring committee (CDRC) of Bank Negara Malaysia.