Bursa Announcements
Date : 26 February 2001
The Company has proposed a scheme of debt restructuring with its trade creditors and has obtained majority approval from the trade creditors pursuant to Section 176 of the Companies Act 1965. The High Court of Malaya has also on 23 December 1999 sanctioned the scheme for implementation.
The Company is currently finalising a separate scheme with the Financial Institution Creditors ("FI Creditors") under the purview of the Corporate Debt Restructuring Committee.
A meeting was held on 20 February 2001 with the FI Creditors and the Company will present its revised proposal incorporating the creditors' feedback and in compliance with the latest guidelines issued by the relevant authorities.
Submission to the relevant authorities for their approvals will be made as soon as an agreement is reached with the FI creditors.
Pursuant to Practice Notes 4/2001, the Company must regularise its financial condition within the time stipulated in Paragraph 5.1 of the same.
PROPOSED DEBT RESTRUCTURING SCHEME OF CYGAL BERHAD ("the Scheme")
| CYGAL BERHAD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | KLSE/FRS/PLCs.C3(3) |
| Subject | PROPOSED DEBT RESTRUCTURING SCHEME OF CYGAL BERHAD ("the Scheme") |
Contents :
Further to the Company's announcement on 23 February 2001 the Company hereby announce the status of its plan to regularise its financial condition as follows:-The Company has proposed a scheme of debt restructuring with its trade creditors and has obtained majority approval from the trade creditors pursuant to Section 176 of the Companies Act 1965. The High Court of Malaya has also on 23 December 1999 sanctioned the scheme for implementation.
The Company is currently finalising a separate scheme with the Financial Institution Creditors ("FI Creditors") under the purview of the Corporate Debt Restructuring Committee.
A meeting was held on 20 February 2001 with the FI Creditors and the Company will present its revised proposal incorporating the creditors' feedback and in compliance with the latest guidelines issued by the relevant authorities.
Submission to the relevant authorities for their approvals will be made as soon as an agreement is reached with the FI creditors.
Pursuant to Practice Notes 4/2001, the Company must regularise its financial condition within the time stipulated in Paragraph 5.1 of the same.
Announcement Info
| Company Name | CYGAL BERHAD |
| Stock Name | CYGAL |
| Date Announced | 26 Feb 2001 |
| Category | General Announcement |
| Reference No | CC-010226-62727 |
