Transmile Group Bhd’s subsidiaries and special purpose vehicles (SPVs) Transmile Air (SPV) Ltd (STL SPV) and TGB (SPV) Ltd (CB SPV) will be wound up by way of a creditors’ voluntary liquidation as both the companies cannot continue their businesses due to the liabilities.
In a statement yesterday, Transmile said it had on July 22, 2010 received a written request from The Hongkong and Shanghai Banking Corporation Ltd, Labuan, as the agent bank on behalf of the syndicated term loan (STL) lenders, to initiate a liquidation of STL SPV based on the undisputed debt due from the latter to STL lenders.
Then, on July, 28, it had also received a written request from The Hongkong and Shanghai Banking Corporation Ltd, Corporate Trust and Loan Agency, Hong Kong Office, as trustee for the convertible bonds (CB) holders, to similarly initiate a liquidation of CB SPV.
STL SPV had issued US dollar-denominated STL and CB SPV the US dollar-denominated CB.
Transmile said STL SPV yesterday resolved to wind up both STL SPV and CB SPV voluntarily by the way of a creditors’ voluntary liquidation, and both had nominated Messrs Lim Tian Huat of Messrs Lim Tian Huat & Co to act as provisional liquidator.
It said the amounts outstanding under the STL and CB as at March 31, 2010 were about RM218.8 million and RM220.2 million, respectively. Transmile said the debt obligations would be assigned to another wholly owned subsidiary Transmile Air Services Sdn Bhd (TAS).
In a separate statement, Transmile said pursuant to a winding-up petition, the High Court had ordered to restrain all further proceedings against Transmile and TAS for a period of 90 from July 16, 2010. It added that it was in the midst of formulating a regularisation plan and had about seven months to submit the plan for approvals.
This article appeared in The Edge Financial Daily, July 30, 2010.
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