Viking Offshore & Marine gets nod for new deadline to submit SGX resumption proposal

VIKING Offshore & Marine has received no objection from the Singapore Exchange Regulators (SGX RegCo) for another extension to June 30 to submit its proposal to resume trading.

This is at least the third request for a fresh deadline. The previous one was May 14, 2021.

This comes as the company is currently undergoing a court-supervised process to reorganise its liabilities, during which it has been granted moratorium against enforcement actions and legal proceedings by its creditors.

Since the date of a previous application for the resumption of trading was submitted to SGX RegCo on March 9, the company concluded the voting on its plan to reorganise its liabilities on April 13; this scheme was approved by the requisite majorities of creditors.

In April, Viking Offshore & Marine announced that it had filed applications for the sanction and approval of the scheme by the High Court, and extensions of the existing statutory moratoriums until the entry into effect of the scheme.

The applications will be heard by the court on May 28. In view of the recent developments, the company said that it needs to re-adjust the original indicative timeline set out in the application up to the completion of the proposed scheme and re-submit the resumption proposal on a later date.

The shares in the company have been suspended from trading since June 14, 2019.