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 |
| Update on status |
RCF maturity date extended for an initial period of 6 months to 30 June 2021 |
Extraordinary Resolution duly passed at Meeting on 11 February 2021 |
Approved by Scheme Creditors on 14 January 2021 |
In progress |
Further information in relation to key dates, including the deadlines to lodge proxy forms for the EGM will be provided in due course.
| Documents | Announcements |
