Alam Maritim extends debt restructuring to August

Alam Maritim Resources Bhd’s proposed restructuring scheme, as part of its debt restructuring, has been extended to Aug 11, 2017, upon receiving approval from the Corporate Debt Restructuring Committee (CDRC) of Bank Negara Malaysia.

In a filing yesterday, the offshore service provider for the oil and gas (O&G) industry said the extension was granted due to the pending completion of an independent business review by Ernst & Young Advisory Services Sdn Bhd, which will assess the company and its subsidiaries, joint-venture companies and associated companies for their ability to meet debt obligations. The extension was also given pending information from ongoing major tendering activities.

Due to the extension, the company remains under informal standstill arrangement with its respective financial institution creditors.