umno's renong

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Friday, March 30 7:37 PM SGT Malaysia Renong Unit Again Defaults On Interest Payment KUALA LUMPUR (Dow Jones)--Renong Bhd. (P.RNG) Friday said its rail unit, Projek Usahasama Transit Ringan Automatik Bhd., has again defaulted on interest payments for a 2.0 billion ringgit ($1=MYR3.80) bank loan. In a brief statement to the Kuala Lumpur Stock Exchange, Renong said Putra, as the rail unit is known, owes MYR298.5 million in interest as of Mar. 29. On Mar. 1, Renong first announced that Putra defaulted on an interest payment for the same loan. Renong said the unit is in talks with creditors to extend a moratorium on "interest/profit" payments until April 30, and that it wants creditors to waive a 1% late-payment fee incurred between Sept. 30, 2000 and April 30, 2001. The company said Putra is working with the government's Corporate Debt Restructuring Committee on a debt restructuring plan, which will be part of the committee's broader plan for restructuring Kuala Lumpur's financially-troubled urban transport sector. -0- 30/03/01 11-37G