Tuesday, April 19, 2011

Puncak ... Apr11

It is calling for the respective bondholders meeting following the recent rating actions taken by Malaysian Rating Corp Bhd (MARC) in a move to seek certain waivers from bondholders.

MARC’s actions had resulted in the rating of some of the group's debt to fall below the minimum required under their respective trust deeds.

While the current rating prevails, an event of default existed on some of the group's debt as the revised rating was below the minimum level. If allowed to remain, further action (if any) by the respective bondholders could result in a default on the group's debt obligations.

Puncak Niaga had upon consultation with its legal counsel and certain major bondholders of the group, decided to call for the respective bondholders meeting.

The meeting was also for its unit Puncak Niaga Sdn Bhd (PNSB) to seek for certain waivers from the bondholders to address the current situation.

On April 6 2011, MARC took various rating actions on the Selangor water sector issuers, including the rating actions against Puncak Niaga, PNSB and 70% owned Syarikat Bekalan Air Selangor Sdn Bhd.

No comments: