SAPNRG

0.050

(%)

OTHERS SAPURA ENERGY BERHAD ("SEB" or "THE COMPANY") MEDIATION OF DEBT RESTRUCTURING OF SEB AND ITS ADMITTED GROUP COMPANIES UNDER CORPORATE DEBT RESTRUCTURING COMMITTEE - RECEIPT OF APPROVAL-IN-PRINCIPLE

SAPURA ENERGY BERHAD

Type Announcement
Subject OTHERS
Description
SAPURA ENERGY BERHAD ("SEB" or "THE COMPANY") 
MEDIATION OF DEBT RESTRUCTURING OF SEB AND ITS ADMITTED GROUP COMPANIES UNDER CORPORATE DEBT RESTRUCTURING COMMITTEE  - RECEIPT OF APPROVAL-IN-PRINCIPLE

We refer to our announcement dated 5 September 2022 in relation to the acceptance by the Corporate Debt Restructuring Committee (“CDRC”) of the application by the Company and nine of its subsidiaries for assistance to mediate debt restructuring negotiations with its MCF Financiers (“MCF Financiers”), and our announcements dated 1 March 2023 and 7 September 2023 in relation to the extension of the CDRC standstill period. We further refer to our announcements dated 8 March 2023 and 6 June 2023 relating to the convening and restraining orders obtained by the Company and 22 of its subsidiaries (the “Applicants”), to enable each of the Applicants to summon meetings with its creditors, to consider and approve a proposed scheme of arrangement and compromise.

 

The Board of Directors of the Company wishes to announce that the Company and the MCF Financiers (the “Parties”) had on 12 December 2023 received written confirmation dated 12 December 2023 from the CDRC stating that, in accordance with section 8.10 of the CDRC Participants’ Code of Conduct, at least seventy-five percent (75%) of the MCF Financiers have provided their requisite approval-in-principle of the debt restructuring scheme proposed by the Company. Such approval-in-principle paves the way for the Applicants to finalize the proposed schemes of arrangement, and in due course, to present the finalized schemes of arrangement to the relevant court-convened meetings of the various classes of creditors of the Applicants, for their approval.  

 

Further announcements will be made as and when appropriate.

 

This announcement is dated 13 December 2023.

 

 

 




Please refer attachment below.



Announcement Info

Company Name SAPURA ENERGY BERHAD
Stock Name SAPNRG
Date Announced 13 Dec 2023
Category General Announcement for PLC
Reference Number GA1-13122023-00007