Barakah secures restraining order against creditors

Barakah Offshore Petroleum Bhd teams up with Vallianz Holdings Ltd to form a strategic alliance.

KUALA LUMPUR: Barakah Offshore Petroleum Bhd and its unit, PBJV Group Sdn Bhd, have secured a court order restraining all proceedings and actions against the companies.

The company said today in its Bursa Malaysia announcement that the order was applied as part of proactive measures by Barakah to manage its debt levels.

“The order allows the Barakah Group to negotiate terms with its lenders and creditors without having the threat of any proceedings and actions being brought against the company,” it said.

The order is granted pursuant to Sections 366 and 368 of the Companies Act 2016 and has been granted by the High Court of Malaya, Kuala Lumpur.

The company said that none of its lenders has called for an event of default on any of its financing facilities prior to obtaining the order.

It also added that the restraining order is not envisaged to have any material financial and operational impact on the company.