KS Energy says rigs in 'no jeopardy', even as OCBC seeks judicial management for firm
Add BT as a preferred source
Fiona Lam
Singapore
OCBC has filed applications with the High Court of Singapore to place KS Energy and its principal subsidiary, KS Drilling, under judicial management (JM), although the troubled offshore and marine group is suggesting an alternative solution.
This came after the bank sent letters of demand to KS Energy, KS Drilling and six other subsidiaries for a US$230.7 million secured-term loan and a S$5 million unsecured bridging loan, both owed by KS Drilling.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Abandoned ‘Titanic’, failing ‘ancient towns’: Why China’s tourism boom leaves white elephants behind
Cat A COE rate exceeds Cat B for third time in 4 months; premiums largely down
