KUALA LUMPUR, April 22 — Brahim’s Holdings Bhd was served a payment default notice from its creditor yesterday following the airline caterer’s inability to settle fully its overdue rental sum of RM49.88 million as of April 1, 2021, online business portal The Edge Markets reported today.
The loan was made under an Islamic financing facility granted by OCBC to Brahim’s. The notice was handed by OCBC Al-Amin Bank Bhd.
Brahim’s is one of the many businesses hit hard by the aviation crisis wrought by the Covid-19 pandemic. The caterer was already beset by financial problems that predate the outbreak, the website reported. It was designated a P17 company in 2019.
“Amid the Covid-19 pandemic, the situation has since become worse and the company is currently facing cash flow difficulties,” it said in a statement.
“The company has engaged in discussions with OCBC for a hair-cut and settlement negotiation which is currently still in progress,” the company added.
“This scheme of settlement should form a part of the company's PN17 regularisation plan.”
