Alam Maritim Resources Bhd and its subsidiaries, joint-venture (JV) and associate companies come to an agreement with its creditors to restructured the repayment term of debts.
The new terms sees its debt repayment extended from one to a seven years with repayments commencing from Aug 30, 2018.
In a filing to Bursa Malaysia yesterday, the offshore support vessel service provider noted the profit charged shall be as at the last accepted rate of the existing facilities, subject to a maximum cap at 5%, whichever is lower.
In respect of idle vessels, the restructured facilities shall be settled from the sale proceeds of the respective charged vessels. Alam Maritim added the successful completion of this debt restructuring exercise will improve the group’s financial position going forward to weather the market slowdown and remain competitive, and sustain its business in the offshore oil and gas industry.
The restructuring of the debt was backed by the corporate debt restructuring committee, acting mediator between Alam Maritim, bond holders and creditors.