The extension was granted based on the group’s progress in its proposed restructuring scheme.
Sapura Energy is in debt restructuring negotiations with its creditors who are owed RM10.3 billion, with an additional debt to vendors amounting to RM5.3 billion.
The extension was granted by CDRC, a committee under the purview of Bank Negara Malaysia , after considering the oil and gas services provider’s progress of its proposed restructuring scheme, it said in a bourse filing. The group said MCF financiers will have to continue to observe the informal standstill and withhold all legal proceedings, or any other recovery action initiated or intended against Sapura Energy or its group of companies in line with BNM’s CDRC participants code of conduct.
CDRC had accepted Sapura Energy’s application to mediate in the group’s debt restructuring negotiations with its MCF financiers back in September last year.
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