Sapura Energy Gets Second Approval-in-principle From Financiers For Restructuring
KUALA LUMPUR, Jan 13 (Bernama) -- Sapura Energy Bhd has received written confirmation from the Corporate Debt Restructuring Committee (CDRC) on Jan 11, 2025, that MCF Financiers have provided their requisite additional approval-in-principle in respect of certain refinements to the terms of the proposed restructuring scheme (PRS).
MCF Financiers represent at least 75 per cent in value of Sapura Energy's Multi-Currency Financing Facilities.
"With this positive development, Sapura Energy is another step closer to regularising our financial position and emerging from our status as a Practice Note 17 company,” Sapura Energy interim chairman Shahin Farouque Jammal Ahmad said in a statement today.
Since September 2022, Sapura Energy and the MCF Financiers have been engaged in CDRC- mediated negotiations to reach an accord on the PRS, for which the MCF Financiers provided the first approval-in-principle in December 2023.
Thereafter, the company continued to refine the PRS, taking into consideration the progress in resolving certain contingent claims through the proof of debt process.
The second approval-in-principle for the PRS paves the way for court-convened meetings with the relevant classes of creditors of Sapura Energy and its relevant subsidiaries.
It will also facilitate a prospective financial investment from a white knight.
-- BERNAMA