Transmile Group: It is selling four of its aircraft to Federal Express Corporation for US$68 million (RM208.8 million) which would enable it to reduce its debts by 39% to about RM320.1 million. It has 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. The total disposal consideration for all the four aircraft would be US$68 million (RM208.8 million). 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.
This is seen as a positive step and will go some way towards paring its outstanding borrowings that total nearly rm530 million, But it will be enough for the company to pull itself out of its dire financial predicament? Some are doubtful, noting that creditors may have to take a big haircut on their remaining debt, which will be sizeable rm320 million, as TGB has few prime assets. In terms of fixed assets, the company is believed to still have two aircrafts
While the disposal is expected to expidite the debt restructuring, the company is still in the midst of negotiation with its lenders and has yet to reach a consensus on a debt restructuring proposal which is expected to form a critical part of the regularization plan under its PN17 status. Hence TGB which has been in default on its debt for past three years, us unlikely to be able to submit a regularization plan by Feb 2011 deadline. TGB’s lenders have consented to the disposal while the high court had also granted an order for the disposal.
SapCrest/Kencana: Both are in the running to bag major oil and gas contracts for the development of marginal oil fields, expected to be announced by PM Datuk Seri Najib today (11 Jan 2011). This contract could be worth rm3.07 billion.
KPS/KHSB/JAKS: KPS has received the conditional offer by MB to acquire all the voting shares in Abass for rm9.39 a share and all voting shares in Splash at cash offer of rm5.95 a share.
Ramunia: It has confirmed that it is in preliminary talks to acquire an equity stake in Syarikat Borcos Shipping Sdn Bhd. Meanwhile, Ramunia said that it still participate in bids as permitted in the Petronas license issued to its subsidiary. The license ws renewed in June 2010. Ramunia has two months to submit its regularization plan to the authorities.
KrisAssets: Speculation that IGB will inject all its office and retail properties into KrisAssets in return for cash and Krisassets shares, and part of the KrisAssets shares are likely to be distributed via dividend in specie to IGB shareholders.
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