KUALA LUMPUR: Beleaguered TRANSMILE GROUP BHD [] has completed the disposal of four MD-11 aircraft to Federal Express Corporation for US$66.99 million (RM200 million).
It said on Thursday, March 24, the proposed disposal was completed on Wednesday and the final disposal consideration of US$66.99 million was received in full.
To recap, Transmile's disposal of the aircraft would enable it to reduce its debts by 39% to about RM320.1 million.
It had on Jan 10 signed a sale and purchase agreement with FedEx to sell four MD-11F aircraft for US$17 million (RM52.2 million) each to be satisfied entirely in cash. With the completion of the proposed disposal and usage of the proceeds of US$68 million (RM208.8 million), the net amount of outstanding debt obligations to be restructured was expected to be reduced by up to 39% to RM320.1 million.
Recently, it proposed a scheme of arrangement to ring fence its unit Transmile Air Services Sdn Bhd'' (TAS) and preserve it as a going concern.
The scheme would involve two inter-conditional schemes of arrangement by Transmile and TAS as the group looked into the possibility of inviting new potential investors into TAS, which is the main operating subsidiary in the group.
The proposed schemes are to avert the delisting of the group which has continued to suffer losses since a scandal was unearthed back in 2007 which saw inflated revenue of around RM625 million between the financial years 2004 and 2006.
It said on Thursday, March 24, the proposed disposal was completed on Wednesday and the final disposal consideration of US$66.99 million was received in full.
To recap, Transmile's disposal of the aircraft would enable it to reduce its debts by 39% to about RM320.1 million.
It had on Jan 10 signed a sale and purchase agreement with FedEx to sell four MD-11F aircraft for US$17 million (RM52.2 million) each to be satisfied entirely in cash. With the completion of the proposed disposal and usage of the proceeds of US$68 million (RM208.8 million), the net amount of outstanding debt obligations to be restructured was expected to be reduced by up to 39% to RM320.1 million.
Recently, it proposed a scheme of arrangement to ring fence its unit Transmile Air Services Sdn Bhd'' (TAS) and preserve it as a going concern.
The scheme would involve two inter-conditional schemes of arrangement by Transmile and TAS as the group looked into the possibility of inviting new potential investors into TAS, which is the main operating subsidiary in the group.
The proposed schemes are to avert the delisting of the group which has continued to suffer losses since a scandal was unearthed back in 2007 which saw inflated revenue of around RM625 million between the financial years 2004 and 2006.
No comments:
Post a Comment