Restructuring Information Centre
On 14 August 2019, KrisEnergy Ltd. (the “Company”) applied to the High Court of Singapore to commence a court-supervised process to reorganise its liabilities and to seek a moratorium against enforcement actions and legal proceedings by creditors against the Company pursuant to section 211B of the Companies Act (Chapter 50) of Singapore.
The Company engaged Drew & Napier LLC as legal advisor and Houlihan Lokey (Singapore) Private Limited as financial advisor/restructuring consultant.
The Restructuring Proposal is envisaged to be implemented via four inter-conditional processes that require the consent of the requisite majority of each respective group of creditors and shareholders:
|
|
Bilateral |
Consent |
Scheme |
Extraordinary |
|---|---|---|---|---|
| Stakeholder |
1st Lien Secured |
Zero Coupon Notes |
2022 Notes and 2023 Notes |
Ordinary Shareholders |
| Proposed Amendment |
Amendment of debt instrument |
Partial conversion of |
Conversion of debt instrument and claims |
Not applicable. The requisite Shareholders' approval will be sought for the Restructuring proposal |
| Requisite Voting Thresholds |
Bilateral agreement |
75.0% in value of Zero Coupon Noteholders |
75.0% in value and 50.0% in number of Scheme Creditors voting at the Court Meeting |
More than 50.0% of voting interest |
| Upate on status |
RCF maturity date extended for an initial period of 6 months to 30 June 2021 |
In progress |
Approved by Scheme Creditors on 14 January 2021 |
In progress |
Further information in relation to key dates, including the deadlines to lodge the relevant voting instructions for the Zero Coupon Notes and the proxy forms for the EGM will be provided in due course.
| Documents | Announcements |
