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05-10-2016, 12:18 PM
(This post was last modified: 05-10-2016, 12:19 PM by specuvestor.)
Ezra owns 3/4 of Emas Offshore which owns 11.8% of Perisai and in 49% JV with Perisai in SJR Marine, which Perisai has a put option to sell 51% stake to Emas Offshore. Perisai restructuring failed and now it is deemed as default. Simple as that. No announcement needed... just show me the money. Emas offshore will be under pressure as well.
"KUALA LUMPUR, Oct 4 (Reuters) - Perisai Petroleum Teknologi Bhd defaulted on a S$125 million ($91.3 million) bond after noteholders rejected the Malaysian oil and gas service provider's request for a four-month extension on the maturity date.
Perisai received a notice dated Oct. 3 from the trustee of the notes notifying that an event of default has occurred, the company said in a statement to the Malaysian stock exchange on Tuesday. The bond was due on Monday.
Shares of the company slumped as much as 32 percent to an all-time low of 8.5 sen on Tuesday.
Perisai had started talks its bondholders in August to seek an extension.
Perisai plans to talk to bondholders about an alternative proposal after it received an indicative financing offer from a financial institution on Sept. 30, it said in a separate statement issued late on Monday.
The company did not identify the financial institution, but said about $20 million would be made available to resolve the situation with bondholders.
--snip--"
"KUALA LUMPUR, Oct 4 (Reuters) - Perisai Petroleum Teknologi Bhd defaulted on a S$125 million ($91.3 million) bond after noteholders rejected the Malaysian oil and gas service provider's request for a four-month extension on the maturity date.
Perisai received a notice dated Oct. 3 from the trustee of the notes notifying that an event of default has occurred, the company said in a statement to the Malaysian stock exchange on Tuesday. The bond was due on Monday.
Shares of the company slumped as much as 32 percent to an all-time low of 8.5 sen on Tuesday.
Perisai had started talks its bondholders in August to seek an extension.
Perisai plans to talk to bondholders about an alternative proposal after it received an indicative financing offer from a financial institution on Sept. 30, it said in a separate statement issued late on Monday.
The company did not identify the financial institution, but said about $20 million would be made available to resolve the situation with bondholders.
--snip--"
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Think Asset-Business-Structure (ABS)
Think Asset-Business-Structure (ABS)