Sapura Energy has informed that the group received a formal notification from the Corporate Debt Restructuring Committee to extend the standstill period for the company up to 10 March 2024.
The extension was given after considering the current state of progress of the company’s proposed restructuring scheme and the recent extension of the convening and restraining Orders granted by the Kuala Lumpur High Court.
In line with Bank Negara Malaysia’s CDRC Participants Code of Conduct, the MCF Financiers will have to continue to observe the informal standstill and withhold all legal proceedings, or any other recovery action initiated or intended against Sapura Energy.
