KrisEnergy seeks permission to convene scheme meeting and moratorium extension

DEBT-LADEN KrisEnergy has applied for permission to convene a meeting of the scheme creditors as well as an extension to its debt moratorium for two months, the upstream oil and gas company said in a regulatory filing on Friday.

The High Court will hear these applications on Oct 30, and has directed that whoever objects to these requests is to file an affidavit by Oct 22, 4pm.

KrisEnergy said that the meeting of the scheme creditors will allow only those scheme creditors in a contractual relationship with the company to vote by appointing the chairman of the meeting.

The Central Depository (CDP) account holders who invested in the S$130,000,000 senior unsecured notes due 2022 and the S$200,000,000 senior unsecured notes due 2023 will also be entitled to nominate the chairman for the purposes of voting at the meeting.

KrisEnergy has proposed a debt-to-equity swop to settle its liabilities, with the shareholding structure post restructuring to see unsecured creditors owning 46.2 per cent and the zero coupon note holders holding 43.8 per cent.

Also, the company is seeking a fifth extension to its debt moratorium, which was first granted in September last year and was last extended to Oct 27.

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It is seeking protection from its creditors, which include DBS Bank, Keppel Shipyard, Rubicon Vantage International and holders of the various notes the company has issued, as it tries to restructure debts to the tune of US$476.8 million.

Mainboard-listed Keppel Corporation owns a 40 per cent stake in KrisEnergy.

KrisEnergy shares have been suspended since August last year.