Tuesday, Feb 26, 2002
Malaysian Rating Corporation Berhad (MARC) has downgraded the corporate debt rating of HVD Holdings Sdn Bhd’s (HVD) RM70.0 million Revolving Underwritten Facility (RUF) to ‘D’ from MARC-4. The downgrade follows HVD’s failure to meet a scheduled principal payment of RM35.0 million, due 11 February 2002, under the RUF.
The total outstanding principal under the RUF stands at RM60.0 million, which includes RM25.0 million maturing on 25 February 2002. The balance in the Sinking Fund Account is presently only RM1.38 million.
MARC understands that HVD has sought the assistance of the Corporate Debt Restructuring Committee in respect of the restructuring of its debts.
The total outstanding principal under the RUF stands at RM60.0 million, which includes RM25.0 million maturing on 25 February 2002. The balance in the Sinking Fund Account is presently only RM1.38 million.
MARC understands that HVD has sought the assistance of the Corporate Debt Restructuring Committee in respect of the restructuring of its debts.