KUALA LUMPUR, Dec 14 ― Malaysia's Sapura Energy said it had received confirmation that at least 75 per cent of financiers of its RM10.3 billion multi-currency financing facilities have approved a debt restructuring scheme proposed by the company.
The oil and gas services provider said in a statement yesterday that the confirmation marks a “significant milestone” in its reset plan, which includes addressing its debts and amounts owed to trade creditors.
The company said negotiations with the financiers on the proposed restructuring scheme had been ongoing since September last year.
Sapura Energy added that the restructuring exercise also involved around RM1.5 billion in claims from vendors.
“This is indeed a positive step towards regularising our financial position, ultimately helping Sapura Energy exit from its status as a Practice Note 17 company,” said Sapura Energy Group CEO Mohd Anuar Taib. ― Reuters
