Banks reach settlement with Banks reach settlement with SERBADK 5279 pn17 SERBA DINAMIK HOLDINGS BERHAD on scheme of arrangement on scheme of arrangement
KUALA LUMPUR (June 2): Six lenders are said to have arrived at a settlement with Serba Dinamik Holdings Bhd and four of its subsidiaries with regards to the scheme of arrangement and restraining order sought by the oil and gas related companies.
It is understood that the parties have agreed that the lenders would hold their applications for a winding up petition against the Serba Dinamik companies, provided that the companies do not default on the payment of debts as agreed in the proposed scheme of arrangement.
The consent order was recorded at the High Court on Thursday (June 2) when the application for the scheme of arrangement came for hearing before Justice Atan Mustaffa Yussof Ahmad.
Serba Dinamik's lead counsel Mak Lin Kum proposed the settlement and it was agreed on by the lenders’ lawyers, Datin Jeyanthini Kannaperan and Benjamin Dawson.
The parties are set to finalise the proposal on Tuesday afternoon.
Serba Dinamik Holdings, along with Serba Dinamik Sdn Bhd (SDSB), Serba Dinamik Development Sdn Bhd (SDDSB), Serba Dinamik Group Bhd (SDGB) and SD Controls Sdn Bhd (SDCSB) had filed for a restraining order and a scheme of arrangement against its creditors last month.
The six syndicated and bilateral lenders, namely HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, Bank Islam Malaysia Bhd, MIDF Amanah Investment Bank Bhd, Standard Chartered Saadiq Bhd and United Overseas Bank (Malaysia) Bhd, had filed a winding-up petition against the companies last month.
This followed the companies’ failure to service their RM1.2 billion syndicated term financing. The consent order on Thursday also covers Hong Leong Islamic Bhd,.
Serba Dinamik said it is seeking the creditors' approval for a scheme of arrangement to restructure the group's debt obligations, which proposed "a 100% return to the company's creditors".
The group said it has identified "some assets for immediate sale" to generate the cash flow required to meet the group's liabilities.
The six lenders, and three other financial institutions comprising Hong Leong Islamic, MBSB and Bank Rakyat, were also involved in a separate hearing on Thursday before Justice Nadzarin Wok Nordin over a winding up petition and appointment of an interim liquidator.
Justice Nadzarin fixed June 8 to hear the petitioner's application to appoint an interim liquidator and also for the company's application to cross-examine the petitioner.
Following the consent order, the proceeding on June 8 may not take place, as part of the order include a stay of the proceeding and appointing an interim liquidator.
http://www.theedgemarkets.com/article/banks-reach-settlement-serba-dinamik-scheme-arrangement
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SERBADK
Banks reach settlement with SERBADK 5279 pn17 SERBA DINAMIK HOLDINGS BERHAD on scheme of arrangement