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PN17 firm Perak Corp disposes of land to Socso to help settle debt


KUALA LUMPUR (Dec 17): Perak Corp Bhd has proposed a scheme of arrangement with its creditors that includes cash settlements worth over RM220 million, issuance of shares worth over RM30 million and a debt waiver amounting to RM544.55 million. 
The proposed scheme of arrangement is a comprehensive proposal aimed at resuscitating the financial viability of Perak Corp Group by restructuring the repayment of indebtedness due to the scheme creditors and the consequential interest servicing burden,” the group said.
“This will alleviate the financial burden of Perak Corp Group and enable the group to focus on reviving its business, it said in a filing with Bursa Malaysia.  ....

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Perak Corp sells landbanks to Socso, asks creditors to forgive RM544mil debts


is selling its landbanks near Ipoh, Perak to the Social Security Organisation (Socso), as the state controlled firm seeks to raise cash and revive its ailing fortune.
The company has also proposed a comprehensive debt settlement scheme that includes a plan to ask creditors to forgive loans worth RM544mil.
Upon the completion of the proposed regularisation scheme, the Scheme Creditors will be able to recover partial of their debt as opposed to minimal or zero recovery, Perak Corp said in a filing with Bursa Malaysia today.
Perak Corp has been classified as a Practice Note 17 affected issuer since February this after it defaulted on its loans. ....

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