KUALA LUMPUR: Ho Hup CONSTRUCTION [] Co Bhd has taken a major step in its efforts to move out of PN17 status after it accepted a term loan facility of RM75 million from Insas Credit & Leading Sdn Bhd to repay a loan from CIMB Bank Bhd.
It said that the loan was secured on the 60-acre land held by its 70% subsidiary Bukit Jalil Development Sdn Bhd (BJD) and was in default for the last three years.
In a state Wednesday, July 27, Ho Hup said the refinancing of the loan from CIMB was part of its efforts to regularise its operations and financial conditions under its re-structuring exercise.
It said the refinancing was in accordance with its proposed revised scheme of arrangement as announced on June 30, 2011.
It had then proposed that CIMB, which was owed RM12 million by BJD and RM61.6 million by Ho Hup as at Oct 30, 2010 be settled in full, and that it was negotiating refinancing credit facilities to fully redeem CIMB.
It said that upon completion of the refinancing, CIMB would have been settled in full and no longer part of the scheme.
'As a result of the refinancing Ho Hup only have to deal with the unsecured creditors of Ho Hup and BJD under the proposed scheme of arrangement which stands at RM69.9 million and RM188.1 million respectively,' it said.
The company said Insas Credit's principal activities were credit, leasing and other related financing schemes.
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It said that the loan was secured on the 60-acre land held by its 70% subsidiary Bukit Jalil Development Sdn Bhd (BJD) and was in default for the last three years.
In a state Wednesday, July 27, Ho Hup said the refinancing of the loan from CIMB was part of its efforts to regularise its operations and financial conditions under its re-structuring exercise.
It said the refinancing was in accordance with its proposed revised scheme of arrangement as announced on June 30, 2011.
It had then proposed that CIMB, which was owed RM12 million by BJD and RM61.6 million by Ho Hup as at Oct 30, 2010 be settled in full, and that it was negotiating refinancing credit facilities to fully redeem CIMB.
It said that upon completion of the refinancing, CIMB would have been settled in full and no longer part of the scheme.
'As a result of the refinancing Ho Hup only have to deal with the unsecured creditors of Ho Hup and BJD under the proposed scheme of arrangement which stands at RM69.9 million and RM188.1 million respectively,' it said.
The company said Insas Credit's principal activities were credit, leasing and other related financing schemes.
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