KUALA LUMPUR (Nov 15): Scomi Group Bhd on Tuesday (Nov 15) announced that its proposed scheme of arrangement has been approved by the majority of its creditors.
This came after a court-convened meeting earlier in the day for the creditors to consider and vote on the proposed scheme.
“The company’s solicitors will be filing the cause papers to obtain the court’s sanction on the proposed scheme,” Scomi said in a filing with Bursa Malaysia.
To recap, on Sept 20, the High Court granted leave to Scomi to call for the court-convened meeting in relation to the proposed scheme of arrangement and compromise between the company and its creditors.
In a separate filing, Scomi said it had requested for further extension of time from Malayan Banking Bhd (Maybank) to pay the settlement sum under the revised settlement proposal. It is currently awaiting a decision from Maybank.
Last month, Scomi accepted a revised settlement proposal from Maybank, with a settlement sum of RM8 million.
Scomi fell into Practice Note 17 status in December 2019, after its shareholders’ equity spread slipped below 25% of its issued share capital and its equity dropped below RM40 million, based on its financial results for the quarter ended June 30, 2019.
In June this year, Bursa Securities granted further extension of time until Nov 30 to the ailing oil and gas service provider to submit its regularisation plan for approval.