Perisai Petroleum must submit restructuring scheme to CDRC by Jan 10

PETALING JAYA: Perisai Petroleum Teknologi Bhd has until Jan 10, 2017 to submit a restructuring scheme to the Corporate Debt Restructuring Committee (CDRC).
Perisai sought the committee’s help to mediate with its lenders after defaulting on a US$125 million (RM377.5 million) bond.
CDRC, which was set up in a pre-emptive measure by the Malaysian government to provide a platform for corporate borrowers and their creditors to work out feasible debt resolutions without going to court, accepted Perisai’s application for assistance on Nov 10.
The committee has in the meantime issued letters requesting lenders of Perisai to observe an informal standstill and to withhold litigation proceedings against Perisai with immediate effect.
Last month, Perisai was served with a notice of demand for the bond payment, which was due on Oct 3.
Perisai disclosed the information yesterday in response to a query by Bursa Malaysia.
Perisai’s admittance to CDRC is limited to six months or upon the signing of a debt restructuring agreement, whichever comes earlier.
“Upon receipt and review of the proposed scheme, CDRC shall call for a meeting with the lenders to deliberate on the proposed scheme,” it added.