Extension for Sapura to submit regularisation proposal

KUALA LUMPUR: Sapura Energy Bhd has been granted an extension of up to Nov 30, 2023, to submit its Practice Note 17 (PN17) regularisation plan to the relevant regulatory authorities.

In a filing with Bursa Malaysia yesterday, its principal adviser MIDF Amanah Investment Bank Bhd announced on behalf of the company that Bursa Malaysia had given the extension to Sapura Energy via its letter dated June 12, 2023.

“The extension of time is needed given the complexity of the company’s overall reset plan. Sapura Energy’s debt restructuring efforts, which underpins its regularisation strategy, are progressing positively,” it said.

Earlier this month, the High Court of Malaya granted Sapura Energy and 22 of its wholly-owned subsidiaries an extension period of nine months for its Convening and Restraining Orders to March 10, 2024.

The extension will allow Sapura Energy to finalise proposed schemes with its financiers and other creditors as part of its debt restructuring plan.

The court-convened meetings with the creditors are envisaged to be held by the end of October 2023. — Bernama