Sapura Energy secures court approval for debt restructuring

KUALA LUMPUR: Sapura Energy Bhd and its 22 wholly owned subsidiaries (scheme companies) have been granted new convening and restraining orders by the High Court of Malaya today for a period of three months, commencing March 11, 2024.

The orders, sanctioned under the Companies Act 2016, will enable each of the scheme companies to summon meetings with creditors, to consider and approve a proposed scheme of arrangement and compromise as part of the company’s group-wide debt restructuring plan, Sapura Energy said in a statement.