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Transmile, lenders reach security-sharing agreement

Posted on: May 5, 2009


Bernama – Friday, May 1

KUALA LUMPUR, April 30 (Bernama) — Transmile Group Bhd and its majority lenders have agreed in-principle on the terms of the security sharing arrangement for the purposes of the group debt restructuring.

In a statement here today, its managing director, Liu Tai Shin, said the group thanked the lenders for their support and understanding in reaching the ‘in-principle agreement’ during these difficult times”.

“This is an important milestone in the turnaround plan for the company,” he said.

He said the outstanding debts of the group were syndicated term loan worth US$66.9 million (US$1=RM3.53), one-percent guaranteed convertible bonds worth US$$65.6 million and medium-term loans worth RM105 million.

Liu said the lenders and the group were finalising the terms of the debt restructuring and the documentation.

“The agreement is subject to the lenders’ respective management and other internal approvals and the execution of definitive agreements,” he said.

Transmile, incorporated on Jan 13, 1996, is an investment holding company.

It is the only dedicated intra-Asian overnight express cargo operator based in Malaysia. — BERNAMA

MAS THS

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