OTHERS KINSTEEL BHD ("KINSTEEL" OR THE "COMPANY") CORPORATE DEBT RESTRUCTURING COMMITTEE
| KINSTEEL BHD |
| Type | Announcement |
| Subject | OTHERS |
| Description | KINSTEEL BHD ("KINSTEEL" OR THE "COMPANY")
CORPORATE DEBT RESTRUCTURING COMMITTEE
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We refer to our announcement dated 27 September 2013 in relation to the approval received from Corporate Debt Restructuring Committee (“CDRC”) to assist in the mediation between Kinsteel and its subsidiaries with their lenders. We further refer to our announcement dated 27 February 2015 on the execution of a debt restructuring agreement between Kinsteel, Perfect Channel Sdn Bhd and their lenders (“DRA”).
To date, Kinsteel has not been able to fulfil the conditions precedent in the DRA. Following the lapse of time under the DRA, the Board of Directors of Kinsteel (“Board”) regrets to inform that the CDRC has notified the Company of its removal from CDRC’s purview effective 7 February 2017.
Moving forward, Kinsteel will negotiate a resolution of its debts directly with the lenders. The Board is currently deliberating on the next course of action, and will make further announcement in due course.
This announcement is dated 13 February 2017.
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Announcement Info
| Company Name | KINSTEEL BHD |
| Stock Name | KINSTEL |
| Date Announced | 13 Feb 2017 |
| Category | General Announcement for PLC |
| Reference Number | GA1-13022017-00090 |
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