Sapura Energy, units gain more leeway for restructuring

The restraining orders will assist the companies to engage with creditors without being disrupted by the threat of litigation.

PETALING JAYA: Sapura Energy Bhd and its 22 wholly owned subsidiaries have been granted new convening and restraining orders by the High Court of Malaya for a period of three months, commencing March 11, 2024.

The orders, sanctioned under the Companies Act 2016, will enable each of the 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.

The restraining orders will assist the companies to engage with creditors without being disrupted by the threat of litigation. The previous convening and restraining orders granted on March 8, 2023, and extended on June 6, 2023, were set to expire on March 10, 2024.