KUALA LUMPUR (Jan 30): Offshore support vessel (OSV) operator Alam Maritim Resources Bhd on Tuesday announced that it has been ordered to pay a judgement sum of US$2.35 million (RM11.1 million) to RHB Islamic Bank Bhd (RHBI), following a judgment in default of appearance (JID) issued against it.
Alam Maritim claims that it was not aware of the issuance of a writ of summons dated Dec 26, 2023.
The group had on Jan 24, via its solicitors Messrs Azhar Yong & Co, filed and served an unsealed notice of application to RHBI for, among others, the JID dated Jan 22, 2024 be stayed pending its application, and for the JID to be set aside.
Previously, RHBI had granted a Commodity Murabahah Term Financing-i amounting to US$2.6 million and a Commodity Murabahah Revolving Credit-i amounting to US$750,000 (both refer to facilities) to Alam Maritim’s unit Alam Maritim (L) Inc (AMLI). A supplementary letter of offer was issued by RHBI in 2017.
Under the company’s proposed debt restructuring exercise which had previously been communicated to RHBI, the outstanding amount owed by AMLI to RHBI would be settled via the proposed debt restructuring scheme.
Subsequently, in Dec 2023, Alam Maritim said AMLI had received a writ of summons from Messrs Ariff & Co, the solicitors acting for RHBI claiming for, among others, the outstanding amount of US$2.35 million together with the late payment charges prevailing daily overnight Islamic Interbank rate per annum on the outstanding amount US$2.22 million from Nov 6, 2023.
Save for the judgement sum of US$2.35 million, Alam Maritim said the litigation is not expected to have other financial and operational impact on the group.
“The company’s solicitor is of the opinion that the default of appearance judgement can be legally defended and the company will proceed with its overall restructuring and rehabilitation plan by way of a proposed scheme of arrangement with its creditors,” it added.
Last month, the Practice Note 17 (PN17) company said the High Court has granted it a nine-month extension, starting from Jan 25, to hold meetings with creditors in relation to its scheme of arrangement.
Concurrently, the restraining order against Alam Maritim’s creditors was also extended for nine months, also starting Jan 25.
The company fell into PN 17 status in October 2022, and has until April 2024 to submit its regularisation plan following an extension by Bursa Securities that was announced in November 2023.
Shares of Alam Maritim settled unchanged at three sen apiece, giving it a market capitalisation of RM46 million.