Perisai Petroleum plans alternative proposal for bondholders based on indicative financing package

PERISAI Petroleum Teknologi Bhd together with its joint venture partner Emas Offshore Limited (EOL) had received an "indicative offer" of financing from a financial institution on Sept 30.

In an announcement to the Singapore Exchange, the Malaysian-listed offshore services firm said that part of the amount from the indicative offer would be earmarked for a mutually acceptable resolution with its bondholders based on the availability of some US$20 million to the Perisai Group.

This follows a meeting with bondholders on Monday where the firm failed to push through its proposal to extend the maturity date of its S$125 million bonds which is due on the same day.

"As the extraordinary resolution has not been passed, the notes and interest thereon are due today," it said. Perisai, which is an associate company of Singapore-listed Ezra Holdings, said that it intends to engage with noteholders on an alternative proposal based on the indicative financing package.

"The company and EOL are in discussion with the financial institution to procure a formal letter of offer subject to satisfaction of certain conditions," it said.

As part of the financing package, EOL and Perisai are in discussion and working towards resolving various issues including a put option that was granted by EOL to the company over its 51 per cent shareholding in SJR Marine (L) Ltd. Perisai and EOL are joint venture partners in Emas Victoria (L) Bhd and SJR.