Ravindrasingham Balasingham challenges rival faction to name the financial institution that will underwrite it given KNM Group’s financial position.
KNM Group’s managing director, Ravindrasingham Balasingham, said a majority of creditors support the management team led by Tunku Yaacob Khyra.
“If the idea is to use the cash flows of Borsig Group to pare down KNM’s debt, then current creditors will immediately seize Borsig, along with all other assets of KNM.” “We will use certain collateral of KNM’s assets and begin paying back creditors within 90 days of taking over the board,” the statement said, adding that after the bond is issued, a shareholder capital increase estimated at up to RM600 million will be placed.He warned that the additional debt proposed by Heeschen’s camp was “ludicrous and unbelievable” and would bring “disastrous consequences to a group already in financial distress”.
He also said an increase in KNM’s paid-up capital would not be in the best interests of shareholders who would see their shareholding diluted. “The creditors present have given a clear indication that they support the current management and are confident it can secure the High Court’s approval for a scheme of arrangement which will be proposed at a court-convened creditors’ meeting to be called soon,” he said.
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