The company announced today that approval had been given for the Corporate Debt Restructuring Committee of Malaysia (CDRC) to help out in the talks.

In a filing to Bursa Malaysia today, SEB said CDRC which is a committee under the purview of Bank Negara Malaysia, would mediate in the debt restructuring negotiations with SEB’s lenders.

“CDRC has issued a letter addressed to SEB and its lenders whereby the lenders are expected to observe an informal standstill and withhold from any proceedings and SEB is expected to submit a proposal for a restructuring of its debts within 60 days from Sept 1, 2022,” the filing statement said.

“SEB and the admitted group of companies are required to adhere to and be bound by Bank Negara Malaysia’s CDRC Participant’s Code of Conduct and any variation as determined at the discretion of the CDRC from time to time,” it said.

The operations of the SEB Group will continue as usual in the interim, it added.