Sapura Energy Berhad has announced that it has been granted a time extension of up to 30 November 2023, to submit its Practice Note 17 regularisation plan to the relevant regulatory authorities.
In a filing with Bursa Malaysia the group’s principal adviser MIDF Amanah Investment Bank Berhad announced on behalf of the that the Exchange had given the extension to Sapura Energy vide its letter dated 12 June 2023.
Sapura said the extension of time is needed given the complexity of the overall Reset plan, the group said its debt restructuring efforts, are progressing positively.
Earlier this month, the High Court of Malaya granted Sapura Energy and 22 of its wholly owned subsidiaries an extension period of nine months for its Convening and Restraining Orders, to 10 March
The extension it said will allow the group to finalise proposed schemes with its financiers and other creditors, as part of the Company’s debt restructuring plan. The court-convened meetings with the creditors are envisaged to be held by the end of October 2023
