Alam Maritim has till Aug 11 to submit revamp proposal

PETALING JAYA: Alam Maritim Resources Bhd, which is being aided by Bank Negara Malaysia’s Corporate Debt Restructuring Committee to rationalise its debts, has been granted an extension of time till Aug 11 to submit its Proposed Restructuring Scheme.
The extension was granted on the basis of allowing for the completion of an Independent Business Review conducted by independent financial advisor, Ernst & Young, which will assess the company’s ability to meet its debt obligations to its financial institution creditors.
Besides that, Alam Maritim’s board said in a Bursa Malaysia filing, the extension was given after taking into account impending information from its ongoing major tendering activities, which could see the redeployment of its vessels and “significantly impact its cash flow and financial performance".
Alam Maritim said in a previous filing on July 7 the company together with its subsidiaries, joint-venture companies and associate companies are “currently in active discussions and negotiations with their respective financiers and sukuk holders to restructure the repayment terms and conditions of the existing loans/financing facilities and sukuk programme”.
The offshore services provider has been in the red since FY14.

Alam Maritim’s share price closed unchanged at 12.5 sen yesterday, with 546,800 units traded. Its market capitalisation stood at RM115.55 million.