KrisEnergy creditors vote 'yes' on debt restructuring scheme

KRISENERGY creditors approved its debt restructuring in a court meeting on Thursday, the upstream oil-and-gas company announced in a bourse filing.

The company "will now press ahead" with the last two steps of its four-stage restructuring, which involve zero coupon note holders and shareholders, said chief executive Kelvin Tang in the statement.

The creditor vote was the second stage, following an earlier move to extend KrisEnergy's revolving credit facility maturity date to June 30, 2024.

Mr Tang called the latest scheme approval "a critical step in the process to reorganise our liabilities and allow the company to operate with a more sustainable capital structure".

KrisEnergy will now apply for the High Court's sanction of the scheme, and will make necessary announcements in due course, the company added.

The scheme resolution passed with the support of creditors, who represented 80.93 per cent of the S$170.7 million in value involved.

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Trading in KrisEnergy shares was suspended in August 2019.