KUALA LUMPUR (Oct 26): Utusan Melayu (Malaysia) Bhd has submitted a  proposed debt restructuring scheme (PDRS) to the Corporate Debt Restructuring Committee (CDRC), under the purview of Bank Negara Malaysia, in an effort to manage its debt exposure.

"Utusan wishes to inform that the company had submitted the PDRS to CDRC today for their consideration," it said in a press statement today.

This means that Utusan has managed to comply with the first condition set by CRDC to approve its application for assistance to mediate between the company and its subsidiaries and its respective financiers.

On Aug 30, Utusan had received a letter from CRDC approving the company's application under three conditions, the first of which is that Utusan is required to submit a PDRS within 60 days.

The second condition is that Utusan's admission is limited to 12 months or upon signing of a debt restructuring agreement, and the third is that the PDRS must comply with the CDRC's restructuring principles for Utusan to continue to remain under the "standstill with the lenders" classification.

Utusan was classified as a PN17 company on Aug 21, as it had failed to provide a solvency declaration to Bursa Malaysia after defaulting on its principal and profit payment to Maybank Islamic Bhd and Bank Muamalat Malaysia Bhd.