Serba Dinamik which had applied for a judicial management application with the court against creditors has since withdrawn the application.
In a statement to Bursa, the troubled well-diversified corporate company referred to its announcements dated 11 February 2022, 16 February 2022, 24 February 2022, 3 March 2022 and 14 March 2022 applying for the JM that will allow the company to rehabilitate its financials under court supervision.
The JM were for:(1) Serba Dinamik Group (2) Serba Dinamik Sdn Bhd (3) Serba Dinamik Development Sdn Bhd (4) SD Controls Sdn Bhd
However, after attending the hearing for the JM applications on 24 March 2022, Serba had withdrawn the JM Applications with costs awarded to the creditors.
The JM would have given Serba time to consolidate its internal management while operating without pressure from creditors, the move will be interesting to note on how the group realigns as time is literally running out.
