Transmile gets nod for debt revamp plan

>> Monday, April 18, 2011

PETALING JAYA: Financially-distressed air cargo operator Transmile Group Bhd has received the green light from creditors for its debt restructuring schemes.

In a filing with Bursa Malaysia yesterday, Kenanga Investment Bank Bhd, on behalf of the company, said both the proposed Transmile Group and Transmile Air Services Sdn Bhd (TAS) schemes had been approved by more than 50% of the respective schemes’ creditors.

“This represents more than 75% in value of the respective schemes’ creditors present and voting in person or by proxy at the respective meetings,” it said.

Under the latest proposed debt-restructuring schemes, all the debts in its core unit TAS that stood at RM680.3mil as at end of last year were to be transferred to a special-purpose vehicle (SPV), which would be wholly owned by Transmile Group.

The SPV will also house some the proceeds from the proposed sale of MD-11F aircraft of US$68mil.

The scheme would also see a waiver of some RM60.3mil debt owed by TAS to two other Transmile Group subsidiaries.

Following the completion of the debt restructuring plan, Transmile Group will make the effort to invite new potential investors to the group.

The trading of Transmile Group securities have been suspended since last Thursday due to its failure to submit a regularisation plan to Bursa.

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