KUALA LUMPUR: Utusan Melayu (Malaysia) Bhd has submitted the proposed debt restructuring Scheme to the Corporate Debt Restructuring Committee (CDRC) for its consideration, the media group announced today.
On Aug 30, 2018, Utusan Melayu received a letter issued by the CDRC, approving its application for assistance to mediate between the company and its subsidiaries and respective financiers, expecting to submit its debt restructuring plan within 60 days.
“Utusan wishes to inform that the company submitted the proposed debt restructuring scheme to CDRC today for its consideration,” it said in a statement.
The Malay-language newspaper and magazine publisher has been classified as a PN17 after it failed to provide a solvency declaration to Bursa Malaysia after defaulting on its principal and profit payment to Bank Muamalat Malaysia Bhd and Maybank Islamic Bhd totalling RM1.18 million.