KUALA LUMPUR (June 14): Sapura Energy Bhd and 22 of its wholly-owned subsidiaries have obtained a nine-month extension of the restraining order (RO) from the High Court against their creditors. Besides Sapura Energy, the other companies which have sought the extended RO are Sapura Marine Ventures Sdn Bhd, Sapura Geosurvey Sdn Bhd, Sapura Drilling Probadi Sdn Bhd, Sapura Subsea Services Sdn Bhd, Sapura Geosciences Sdn Bhd, Sapura Subsea Corporation, Sapura Engineering (Offshore) Sdn Bhd, Sarku Engineering Services Sdn Bhd, Sapura Technology Solutions Sdn Bhd, Sapura Fabrication Sdn Bhd, Sapura Engineering Sdn Bhd, Sapura Offshore Sdn Bhd, Sapura Petroleum Ventures Sdn Bhd, Sapura 1200 Ltd, Sapura Geotechnics Sdn Bhd, Sapura Pinewell Sdn Bhd, Sapura TMC Sdn Bhd, Sapura 3500 Ltd, Sapura Dana SPV Pte Ltd, Sapura Nautilus Sdn Bhd, Sapura 900 Pte Ltd and Sapura Drilling Pte Ltd — which are all wholly-owned units of Sapura Energy. Sapura Energy said it “is continuing to engage with the remaining minority MCF financiers with a view to agreeing a standstill with such MCF financiers in short order”. The company further said that creditors of each applicant (Sapura Energy and its wholly-owned units) are required to submit respective proof of debt on or before June 30 this year as ordered by the High Court. Earlier this month, Sapura Energy announced former Velesto Energy Bhd president Rohaizad Darus and Lim Fu Yen as directors of the Practice Note 17 or cash-strapped company, effective June 1.

Source: The Edge Markets June 14, 2022 08:48 UTC