KUALA LUMPUR (June 2): Six lenders are said to have arrived at a settlement with Serba Dinamik Holdings Bhd and four of its subsidiaries with regards to the scheme of arrangement and restraining order sought by the oil and gas related companies. The consent order was recorded at the High Court on Thursday (June 2) when the application for the scheme of arrangement came for hearing before Justice Atan Mustaffa Yussof Ahmad. Serba Dinamik Holdings, along with Serba Dinamik Sdn Bhd (SDSB), Serba Dinamik Development Sdn Bhd (SDDSB), Serba Dinamik Group Bhd (SDGB) and SD Controls Sdn Bhd (SDCSB) had filed for a restraining order and a scheme of arrangement against its creditors last month. Serba Dinamik said it is seeking the creditors' approval for a scheme of arrangement to restructure the group's debt obligations, which proposed "a 100% return to the company's creditors". Read also:Serba Dinamik subsidiaries' scheme of arrangement and RO will be heard by one judgeSerba Dinamik units seek restraining order, proposes '100% return' scheme of arrangementJune 8 fixed to hear creditors' application to appoint interim liquidator and Serba Dinamik's application to cross-examine winding-up petition

Source: The Edge Markets June 03, 2022 00:12 UTC