in malaysia the culprits know in and out formula to deceive the rule of laws and enjoy themselves with any ill-gotten wealth. only god has to punish them.
KUALA LUMPUR (Dec 14): Fitch Ratings has downgraded Malaysia-based energy service provider Serba Dinamik Holdings Bhd's long-term issuer default rating to "RD" (restricted default) from "C".
In a statement on Monday (Dec 13), Fitch said the downgrade follows the expiry of the 30-day grace period after the non-payment of the coupon on the group's US$222 million (about RM939.35 million) senior unsecured sukuk due in 2022.
It said potential cross-acceleration clauses in its other debt may be triggered by the non-payment of the 2022 notes.
“The 'RD' rating indicates an issuer that in Fitch's opinion has experienced an uncured payment default, but has not entered into bankruptcy filings and has not ceased operating,” it said.
At the same time, Fitch affirmed the ratings of the May 2022 sukuk issued by SD International Sukuk Ltd and the sukuk due March 2025 issued by SD International Sukuk II Ltd at "C", with the recovery rating remaining at "RR4".
KUALA LUMPUR (Dec 13): Serba Dinamik Holdings Bhd (Serba Dinamik) on Monday (Dec 13) said it has yet to receive any notice of default in response to its outstanding US$222 million sukuk.
if serba has made the payment, they would have announced that coupon payment has been made, but instead serba said "it has yet to receive any notice of default in response", meaning that serba has already defaulted the payment, but haven't receive the notice YET, the notice will come sooner or later.
------------------------------------------------------------------- Posted by Prudentinv > Dec 14, 2021 12:20 PM | Report Abuse
News keep spreading on the default of payment but the owner of bond holder did not give them notice of default. Do you notice this?
SD Bond holders are investment syndicates and banks. The interest is in default (about 7 million) small money to them, however if they give notice of default they will need to record the default of the interest plus the entire Bond principle sums (over 1.4Bil), no small sum. They may choose to hold off till after the end of the year reporting cooking their own books to make their books look better than they are. Also, they may choose to leave it till after Christmas, a big mess best left till after end of year bonuses have been paid and after holidays have been enjoyed.
imvu...u are a very optimistic person...everytime i see your post anywhere in I3 forum even when counters are down is always with a bit of hope. CHEERS WAY TO GO !!
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muhfiq
759 posts
Posted by muhfiq > 2021-12-13 12:24 | Report Abuse
To the announcement
This is the main part
Should act now