KUALA LUMPUR (Jan 24): Alam Maritim Resources Bhd said the High Court has granted it a nine-month extension, starting from Thursday (Jan 25), to hold meetings with creditors in relation to its scheme of arrangement.
Concurrently, the restraining order against Alam Maritim’s creditors was also extended for nine months, also starting from Jan 25.
“The orders granted by the High Court were obtained as part of Alam Maritim’s overall restructuring and rehabilitation plan by way of a proposed scheme of arrangement with its creditors,” it said.
Alam Maritim and its subsidiary Alam Maritim (M) Sdn Bhd filed for scheme of arrangement proceedings, and were granted an order to summon the creditors for meetings by the High Court back in October 2023.
The offshore support vessel operator, which fell into Practice Note 17 status in October 2022, has until April 2024 to submit its regularisation plan following an extension by Bursa Securities announced in November 2023.
Alam Maritim has booked profits in three of its last four quarters. The group had negative equity of RM56.57 million at end-September, with retained losses of RM490.02 million.
Current borrowings stood at RM110.45 million, on top of long-term borrowings of RM2.65 million, against cash of RM54.15 million, its filing showed.
Shares of the company last traded at 2.5 sen, giving it a market capitalisation of RM38.3 million.