Wednesday, June 22, 2011

KBB Resources still finalising debt revamp

KUALA LUMPUR: KBB RESOURCES BHD [] is still in the midst of finalising the debt restructuring agreement but is also open to new corporate proposal.

The company, which was queried by Bursa Securities Malaysia on Wednesday, June 22 over the unusual market activity, said there were indications the financial position was being regularised.

To recap, it referred to its May 31 announcement that the Corporate Debt Restructuring Committee (CDRC) received approval exceeding 75% of each class of creditors for the proposed debt revamp.

'The approval from its scheme lenders could indicate that the financial position of the company is regularised and may be subsequently uplifted from PN1.

'To date, the company is still in the midst of finalising the debt restructuring agreement.

At the same time, the company is also open to new corporate proposal which will enhance the shareholders' value,' it said.

KBB share price closed unchanged at 37 sen with 50.18 million shares done.

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