RENONG Bhd's debt restructuring plan should augur well for the banking system as well as for Renong and United Engineers (M) Bhd, First Finance Minister Tun Daim Zainuddin said.
"It should be good. Now you have taken away all the loans and the creditors will be happy to get back their 100 per cent," he told reporters after a luncheon with Formula One race driver Mika Hakkinen in Kuala Lumpur yesterday.
Also, Daim said, the Government does not need to guarantee the deal and, therefore, Renong's debt restructuring plan is not a bail-out by the Government of Renong or UEM.
Daim, who is also Special Functions Minister, was asked to comment on the latest …