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Falcon Energy Group files for 6-month moratorium

OFFSHORE and marine company Falcon Energy Group and its subsidiary Asetanian Marine on Thursday filed applications in the High Court for a moratorium as part of a court-supervised process to reorganise their liabilities.

The six-month moratorium they are seeking includes a condition that no legal proceedings can be taken against them during the period.

An automatic moratorium is in effect upon the making of the applications, starting from July 25 and lasting 30 days or until the date on which the applications are decided by the court, whichever is earlier. During this period, no order may be made or resolution passed for the winding up of the group and subsidiary.

Falcon Energy Group and Asetanian have engaged Rajah & Tann Singapore LLP as legal advisers and KPMG Services as their independent financial adviser in this process.

Shares of Falcon Energy have been suspended since Jan 18, when they last traded at S$0.027.