KrisEnergy won't redeem notes to conserve cash amid restructuring bid

Singapore

UPSTREAM oil and gas firm KrisEnergy on Tuesday said it has decided not to pay out the redemption amounts under its notes, as the debt-laden group needs to conserve cash while it works on a restructuring proposal.

These redemption amounts comprise the principal and interest payable for both the S$130 million, 4 per cent senior unsecured notes due 2022 and the S$200 million, 4 per cent senior unsecured notes due 2023, as well as the principal payable under the S$139.5 million senior secured zero-coupon notes due 2024.