THE Malaysian oil services firm that defaulted on US$89.3 million in bonds last October is trying again to settle its debts with bond holders. Perisai Petroleum Teknologi is offering to pay US$3.4 million (S$4.8 million) in cash and issue US$85.9 million worth of new instruments called "irredeemable convertible loan stocks". Yesterday's meeting came a full five months after Perisai stopped communication with bond holders. Mr Murarka asked yesterday how Perisai could expect bond holders to accept just US$3.4 million in cash now, when Perisai had agreed to pay US$20 million five months ago. The reason the US$20 million payment became US$3.4 million is that Perisai is now setting aside US$5 million for working capital.

Source: The Edge Markets March 07, 2017 21:00 UTC