KUALA LUMPUR: Sapura Energy Bhd
has received confirmation from the Corporate Debt Restructuring Committee (CDRC) on Jan 11, 2025, that MCF Financiers 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, holding at least 75% of the multi- currency financing facilities, have been engaged in CDRC-mediated negotiations to reach an accord on the PRS, with the first AIP granted 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.
The second AIP now 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 (PN17) company,” Sapura Energy interim chairman Shahin Farouque Jammal Ahmad said in a filing with Bursa Malaysia.
The company was classified under PN17 status on May 31, 2022, after its shareholders’ equity position fell to less than 50% of its share capital.
