KrisEnergy gets 3-month debt moratorium ahead of investor meeting on Tuesday evening

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UPSTREAM oil and gas firm KrisEnergy will receive three months of court protection from creditors’ legal action, until Nov 14, while it restructures its debt totalling US$476.8 million, the mainboard-listed company said on Tuesday morning. Read more at The Business Times.

UPSTREAM oil and gas firm KrisEnergy will receive three months of court protection from creditors’ legal action, until Nov 14, while it restructures its debt totalling US$476.8 million, the mainboard-listed company said on Tuesday morning.

The application for the moratorium constituted an event of default under the company’s existing debt agreements, comprising a US$200 million revolving credit facility with DBS Bank maturing on June 30, 2020; S$130 million, 4 per cent senior unsecured notes due 2022; S$200 million, 4 per cent senior unsecured notes due 2023; about S$139.

On Aug 30, KrisEnergy said it had been actively engaging with SIAS to facilitate engagement with its stakeholder groups. The informal investor meeting on Tuesday is meant for holders of the due-2022, due-2023, and due-2024 zero-coupon notes, as well as KrisEnergy’s ordinary shareholders.

 

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