Falcon Energy gets another month of court protection against creditors

OFFSHORE and marine company Falcon Energy on Tuesday said the High Court has extended its debt moratorium by about one more month to Nov 30 from Oct 26 previously.

This is less than the four-month stay requested by Falcon and its subsidiary Asetanian Marine in their applications, which were heard in court on Oct 21.

In August, the two firms were granted a two-month debt moratorium till Oct 25, which was also less than the six months they applied for.

With the debt stay, no receiver or manager shall be appointed over any property or undertaking of the companies, and no legal proceedings can be commenced or continued against them.

Creditors are also not to enforce security over any property, repossess goods held by the companies, or enforce any right of re-entry or forfeiture under any lease of premises occupied by the companies.

There shall be no disposal of significant assets by the companies without the court's leave.

A further hearing will be scheduled in the week of Nov 26.