The Corporate Debt Restructuring Committee CDRC has an unenviable task to restructure Malaysia's entire steel industry and its public transport system. This involves taking over entities owned by the Renong group and the DRB-Hicom group, Malaysia's transport group.
CDRC is also responsible for restructuring the debts of the Renong group, which has M$25 billion $6.61 billion in debt, or 5% of Malaysia's banking system loans. The group shocked investors in 1997 when United Engineers Malaysia UEM - the strongest of the group companies - bought 32.6% of its parent, Renong Bhd, in what was perceived as a bailout of certain shareholders. The conglomerate, which has assets spread from tollroads to property...
