Perdana Petroleum gets CDRC to mediate with debt holders

PETALING JAYA: Perdana Petroleum Bhd is getting assistance from Bank Negara Malaysia’s Corporate Debt Restructuring Committee (CDRC), which requires it to submit a proposed debt restructuring scheme within 60 days.
The approval letter was received on July 2, whereby CDRC will mediate between Perdana Petroleum and some of its subsidiaries, with its financial institutions and sukuk holders.
Perdana Petroleum said the admission to CDRC is consistent with the group’s strategy to streamline its operations and optimise its financial resources to focus and proactively enhance its offshore marine support services segment.
“It is a follow on from the company’s previous successful cost rationalisation initiative which has had a positive impact on the company’s financials.”
The restructuring programme is limited to 12 months and it must comply with the CDRC’s restructuring principles for it to continue to remain under the standstill arrangement with the lenders.
CDRC will mediate between Perdana Petroleum and their respective financiers to renegotiate their respective financing facilities that can be sustained in the face of this challenging period for the oil and gas industry.
Perdana Petroleum said this successful mediation will enable the company to be better positioned to raise new financing and capital in the future and ensure its operations to sustain going forward.