Wednesday, Jan 24, 2007
MARC has uplifted the MARCWatch Developing on Sunrise Berhad’s (“Sunrise”) RM70 million MUNIF/IMTN and RM100 million BBA placed on 10 November 2006 following an announcement of the appointment of the voluntary administrator on Broadfields II Pty. Ltd. (“BII”), a foreign subsidiary of Sunrise; which triggered a technical event of default.
The upliftment is based on the approval from the Noteholders to ratify the breach, whereby the Circular Resolution for the MUNIF/IMTN and BBA Noteholders were signed by the respective MUNIF/IMTN and BBA Noteholders holding or representing not less than the requisite 75% of the aggregate Face Amount of the Outstanding MUNIF/IMTN and BBA Notes.
Therefore, the trustee has confirmed in its letter dated 16 January 2007 that the Circular Resolution shall for all purposes be valid and effective as a Special Resolution passed at a meeting of MUNIF/IMTN and BBA Noteholders duly convened and held in accordance with the provisions of the Trust Deed.