SUBSCRIBERS

Noteholder group seeks fairer terms in KrisEnergy's revamp

Open letter acknowledges financial restructuring efforts but says offer is "inequitable"

Published Mon, Nov 21, 2016 · 09:50 PM
Share this article.

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…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Companies & Markets

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here