MBf Holdings seeks creditors' reprieve
Article Abstract:
MBf Holdings Bhd., a concern that owns holdings in property, motor-vehicle distribution and education, has applied for court protection from its creditors. The company will be given a moratorium period of six months from repaying its loans, which totals over 1.5 billion ringgit ($358.4 million). During that time, the company must outline a reorganization that is satisfactory to no less than 75% of its creditors. MBf Holdings will fold if it fails to come up with an acceptable repayment plan. Several other Malaysian companies have sought court-protection from their creditors, an indication that companies are having a tough time repaying their debts amid high interest rates and weak corporate earnings.
Comment:
Applies for court protection from its creditors to avail of a reprieve from repaying its loans
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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After capital controls, Kuala Lumpur's focus blurs: reforms of debt-strapped companies and financial sector are uneven at best
Article Abstract:
Malaysian Premiere Mahathir Mohamad's capital control policy has drawn contradicting views from analysts, as the country prepares to recover from the 1997-1998 regional crisis. Proponents believe that the government's privatization efforts have become vital in maintaining inflationary pressures, thereby providing a certain degree of stability among financial markets. Critics, on the other hand, claim that Malaysia's improving economy is brought about by the growing rate of US exports, which generated some $9.47 billion in current-account surplus in 1998.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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MBf holdings seeks creditors' reprieve
Article Abstract:
MBf Holdings Bhd of Malaysia, which has loans amounting to over 1.5 bil ringgit, has petitioned for court protection from its bankers. The move underscores the reality that Malaysian firms are finding it hard to pay loans in the face of high interest rates. Under the court-protection arrangement, the company will obtain a respite of six months. Analysts stated that the MBf's woes is likely to trigger further fears over MBf's survival.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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