Sapura Energy Berhad and its 22 wholly owned subsidiaries have been granted new Convening and Restraining Orders by the High Court of Malaya for a period of 3 months, commencing 11 March 2024.
The Orders will enable each of the its companies to summon meetings with creditors, to consider and approve a proposed scheme of arrangement and compromise as part of the its group-wide debt restructuring plan. The Restraining Orders will assist the companies to engage with creditors without being disrupted by the threat of litigation. The previous Convening and
Restraining Orders granted on 8 March 2023 (and extended on 6 June 2023) are set to expire on 10 March 2024.
In its application to the Court, Sapura Energy stated that significant progress in the restructuring exercise has been made. Its multi-currency lenders have provided the requisite Approval-in-Principle for the proposed restructuring scheme while claims from its trade creditors under the Proof of Debt (“POD”) process have been fully reviewed.
Sapura Energy said its White Knight has also reaffirmed its support for the restructuring. It said the Orders will provide all parties the necessary time to conclude defined terms and conditions to finalize the proposed restructuring scheme.
The group’s debt restructuring exercise aims to address its multi-currency financing of approximately RM10.8 billion and outstanding payments to trade creditors amounting to about RM1.5 billion.
Commenting on the Court Orders, Sapura Energy Chairman Dato’ Mohammad Azlan Abdullah thanked the Group’s multi-currency financing lenders for continuing to support the Company’s restructuring scheme. “As previously announced, we appreciate the Approval-in-Principle from our financiers for the PRS.
