KrisEnergy unit could face winding-up petition; investor meeting to be held on June 19

DEBT-HIT oil and gas company KrisEnergy said on Monday night that a creditor has presented a winding-up petition in the Cayman Islands against a wholly-owned key subsidiary.

But Rubicon Vantage International's winding-up petition has not yet been served on KrisEnergy (Gulf of Thailand), or KEGOT, the group added in its filing on the Singapore Exchange website.

The board added that KrisEnergy is now taking advice from its legal advisers on its next steps.

KrisEnergy and Rubicon have been in legal proceedings since 2018 involving a bareboat charterparty dating to 2014. The High Court in Singapore last year granted KrisEnergy a moratorium blocking Rubicon from enforcing a British court judgment over US$2.6 million in debt.

Holders of Kris Energy's senior secured zero coupon notes due 2024 have a second-ranking security interest over the secured assets of KrisEnergy subsidiaries, such as KEGOT, which are pledged under a revolving credit facility with DBS Bank, the board reiterated in its filing.

"The board will update stakeholders of any material developments relating to the proceedings as and when appropriate," it added.

Separately, KrisEnergy, which is in the process of restructuring its debt, will hold a virtual informal investor meeting for security holders on June 19 at 6.30pm.

Investors, who must register in advance, can ask questions during the meeting on teleconferencing platform Zoom or submit them over e-mail to krisenergy@krisenergy.com

Trading in KrisEnergy shares has been suspended since Aug 14, 2019.