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KrisEnergy seeks protection as it restructures debts of US$476.8m

Creditor and shareholder Keppel supports application for debt moratorium as legal action by creditors may derail KrisEnergy's ability to develop a debt restructuring plan

Fiona Lam

Published Thu, Aug 15, 2019 · 09:50 PM

krisenergy

Singapore

UPSTREAM oil and gas (O&G) firm KrisEnergy has filed for a six-month debt moratorium, seeking court protection from creditors' legal action while it restructures its debt totalling US$476.8 million.

Keppel Corporation, a creditor and shareholder of KrisEnergy, has publicly come out to support the application and KrisEnergy's management in formulating a restructuring plan.

The moratorium application constitutes an event of default under KrisEnergy's existing debt agreements, comprising a US$200 million revolving credit facility (RCF) with DBS Bank m…