KUALA LUMPUR,, Bintai Kinden Corporation Bhd (BKCB) has announced that the group has successfully restructured and rescheduled all of its defaulted banking facilities with its financiers with the aim of uplifting its PN17 status. The engineering services specialist company said it has made substantial progress through strategic initiatives including securing a robust order book, negotiating favourable terms with banks and creditors, implementing cost-cutting measures, finalising outstanding projects and ensuring timely debtor payments. 'These efforts have been critical in driving the company towards recovery,' it said in a Bursa Malaysia filing today. On July 30, 2024, BKCB received Maybank's approval for the restructuring and rescheduling of its wholly owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd's banking facilities. 'This restructuring involves converting the outstanding contract overdraft and trade bills into a term loan facility, reinstating an overdraft facility of RM6.9 million, and a ban k guarantee facility of RM10 million. 'With this approval, all of the group's banking facilities have been regularised, marking another milestone in the company's recovery journey,' it said. Building on these positive developments, BKCB said it will engage its adviser to formulate a self-regularisation plan aimed at uplifting its PN17 status and keep all its key stakeholders informed on further progress in this regard. Source: BERNAMA News Agency