loan from Putra-LRT's and also Star-LRT's lenders (see below for takeover of Star-LRT). This effectively made Prasarana the creditor of Putra-LRT and Star-LRT. The loans owed by both companies stood at approximately RM5.7 billion at that time. The purchase consideration was satisfied via the issuance of RM5.468 billion fixed rate serial bonds by Prasarana guaranteed by the government to the respective Star-LRT and Putra-LRT lenders. According to the Corporate Debt Restructuring Committee, the successful resolution of the debt restructuring of the two companies was estimated to have reduced the level of non-performing loans in the Malaysian banking system by RM2.9 billion or 0.7% on a net six-month basis. Commerce International Merchant Bankers Bhd was appointed as was appointed as facility agent. On 8 December 2001, Prasarana issued Putra-LRT with a notice of default and demanded payment of all outstanding amounts within 14 days. Putra-LRT replied on 24 December 2001 and informed Prasarana that it was not able to settle the amounts. It also requested the government to appoint another party or itself to purchase the assets of the company in accordance with the terms of the concession agreement between Putra-LRT and the government. A statutory demand, required under the Malaysian Companies Act 1965, was then issued by Prasarana on 26 December 2001 asking Putra-LRT to settle the amount owing within 21 days. Putra-LRT again replied on 17 January 2002 by saying that it was unable to settle the amounts owed and requested the government to take over. Winding up petitions were filed on 8 February 2002 and served on the company on 20 March 2002. On 26 April 2002, the Kuala Lumpur High Court made an order for the winding up of Putra-LRT and on the same date, appointed the Gan Ah Tee, Ooi Woon Chee and Mohamed Raslan Bin Abdul Rahman as liquidators. Earlier on 3 April 2002, the Malaysia Ministry of Finance had officially announced that the government via Prasarana was taking over the assets of both Putra-LRT and Star-LRT. On 30 August 2002, Putra-LRT entered into a sale and purchase agreement with Prasarana for the sale of all its assets. The consideration for the sale consisted of the balance after the project cost of RM5,246,070,539 is offset by the amount of debt owed to Prasarana, plus the project cost from 1 April 2002 until 1 September 2002 which was set as the completion date of the sale,