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