KUALA LUMPUR: Sapura Energy Bhd
has received confirmation from the Corporate Debt Restructuring Committee (CDRC) on Jan 11, 2025, that MCF Financiers, holding at least 75% of the multi-currency financing facilities, have approved additional terms of the company’s proposed restructuring scheme (PRS), known as the second approval-in-principle (AIP).
Since September 2022, Sapura Energy and the MCF Financiers have been engaged in CDRC-mediated negotiations to reach an accord on the PRS, for which the MCF Financiers provided the first AIP in December 2023.
Sapura Energy then continued refining the PRS, factoring in the progress made in resolving certain contingent claims through the proof of debt process.
It added that the second AIP for the PRS paves the way for court-convened meetings with the relevant creditor classes of Sapura Energy and its subsidiaries, and will also facilitate potential financial investment from a White Knight.
"With this positive development, Sapura Energy is another step closer to regularising our financial position and emerging from our status as a Practice Note 17 company,” Sapura Energy interim chairman Shahin Farouque Jammal Ahmad said.
