Reported in The Edge Malaysia:-

“ Bukit Katil Resources Bhd is in talks with a few new potential white knights after failing at its first attempt to rescue the financially distressed (PN4 status) company, its executive director S Ganesan said. Speaking to reporters after its EGM in Petaling Jaya on July 21 he said: “The obvious direction of the company is to find a new white knight to restructure the company. We are still in discussions.”

Other areas highlighted were:

As the ailing company has a total net debt of Rm150million, the only way for the shareholders to get their returns was through a white knight’s restructuring scheme. “It is only for the transfer of listing status,”

At the EGM, shareholders voted for the disposal of the company’s assets or estate lands with redemption from proceeds worth RM40.44 million. The funds raised from the sale would be used to settle the RM55.36 million Bukit Katil owed the bank.

This type of corporate restructuring would normally be a reverse takeover whereby the buyer injects some of its major revenue/profit generating assets into the ailing listed company.

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