Noteholder group seeks fairer terms in KrisEnergy's revamp
Open letter acknowledges financial restructuring efforts but says offer is "inequitable"
Singapore
KRISENERGY'S financial restructuring efforts have hit a roadbump. Some noteholders are demanding higher coupon rates and a shorter extension period, and also asking the company to commit itself to a more restrained and disciplined capital expenditure programme.
Otherwise, the group says in an open letter to the firm's noteholders and stakeholders, it intends to vote no to what it deems an "inequitable offer".
"The noteholders believe that several aspects of the restructuring framework can be improved in order to better reflect some (but not all) of the pain-sharing being requested of noteholders," it said in the letter, after acknowledging the efforts of KrisEnergy and its main shareholder Keppel Corporation to help the f…
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