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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  KrisEnergy Ltd.    SK3   KYG532261099

KRISENERGY LTD.

(SK3)
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KrisEnergy : Updates on restructuring process Outcome of 2nd moratorium extension application

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02/25/2020 | 11:53am EDT

Singapore - KrisEnergy Ltd. ('KrisEnergy' or 'the Company', together with its subsidiaries, the 'Group'), an independent upstream oil and gas company, refers to: (i) its announcement dated 14 August 2019 in respect of the application filed on 14 August 2019 in the High Court of the Republic of Singapore (the 'Singapore Court') for a moratorium pursuant to section 211B of the Companies Act (Cap. 50); (ii) its announcement dated 10 September 2019 in respect of the outcome of the moratorium application and (iii) its announcement dated 17 February 2020 in respect of the application for a 2 nd extension of the moratorium (the '2nd Extension Application').

The Company wishes to announce that at the hearing of the Extension Application on 24 February 2020, the Singapore Court granted the 2nd Extension Application and made the following orders: 1. That the following orders granted in HC/ORC 6167/2019 on 9 September 2019 and in HC/ORC 7990/2019 on 27 November 2019 be extended until 27 May 2020 or until further order: a) no resolution shall be passed for the winding up of the Company; b) no appointment shall be made of a receiver or manager over any property or undertaking of the Company; c)	no proceedings shall be commenced or continued against the Company (other than proceedings under sections 210, 211B, 211D, 211G, 211H or 212 of the Companies Act), except with the leave of the Court and subject to such terms as the Court imposes; d)	no execution, distress or other legal process, against any property of the Company shall be commenced, continued or levied, except with the leave of the Court and subject to such terms as the Court imposes; e)	no step shall be taken to enforce any security over any property of the Company except with the leave of the Court and subject to such terms as the Court imposes and f) no enforcement of any right of re-entry or forfeiture under any lease in respect of any premises occupied by the Company shall be commenced or continued (including any enforcement pursuant to sections 18 or 18A of the Conveyancing and Law of Property Act (Cap. 61)), except with the leave of the Court and subject to such terms as the Court imposes, (collectively, the 'Restrained Acts'); 2. The provisions of paragraph (1) shall also apply to any of the following persons committing any Restrained Act anywhere outside of Singapore: a) the following creditors in Singapore: (i) DBS Bank Ltd and the security trustee for the revolving credit facility, Madison Pacific Trust Limited; (ii) Keppel Shipyard Limited; (iii) The Hongkong and Shanghai Banking Corporation Limited; (iv) Standard Chartered Bank, Singapore Branch; (v) DBS Trustee Limited as trustee for the holders of the zero coupon notes due 2024 issued by the Company (accompanied by detachable warrants) ('Zero Coupon Notes') and the security trustee for the Zero Coupon Notes, Madison Pacific Trust Limited; (vi) The Bank of New York Mellon, Singapore Branch as trustee for the holders of the S$130,000,000 Senior Unsecured Notes due 2022 ('2022 Notes') and the S$200,000,000 Senior Unsecured Notes due 2023 ('2023 Notes') both issued by the Company; (vii) the holders of the 2022 Notes and 2023 Notes; (viii) Rubicon Vantage International Pte. Ltd. and (ix) the holders of the Zero Coupon Notes; b) the following foreign creditors with sufficient connection to and/or subject to the jurisdiction of Singapore including: (i) Nora Limited; (ii) the holders of the 2022 Notes and 2023 Notes and (iii) the holders of the Zero Coupon Notes; 3.	If the Company files an application for a further extension of the prayers at paragraphs (1) and (2) above or an application under section 210(1) of the Companies Act by 27 May 2020, the prayers at paragraphs (1) and (2) above shall be extended until either of the said applications is heard.

The Company or any creditor subject to this order shall be at liberty to apply for such further or other directions as may be necessary.

The Company will continue to keep its stakeholders updated and will make the appropriate announcements as and when there are any material updates or developments. Shareholders, noteholders and potential investors of the Company are advised to read this announcement and any further announcements by the Company carefully and should exercise caution when dealing in the Company's securities. Stakeholders and potential investors who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisors.

Contact:

Tanya Pang

Tel: +65 6838 5430

Email: krisenergy@krisenergy.com

About KrisEnergy

KrisEnergy Ltd. is an independent upstream company focused on the exploration for and the development and production of oil and gas in Southeast Asia. The Company holds working interests in three producing oil and/or gas fields, two in the Gulf of Thailand and one onshore Bangladesh. It also participates in nine blocks in various stages of development, appraisal and exploration in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam. KrisEnergy operates nine of the contract areas. All notices pertaining to the ongoing restructuring process are available on the Restructuring Information Centre https://www.krisenergy.com/Investors/restructuring-information-centre/

(C) 2020 Electronic News Publishing, source ENP Newswire

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Chih Hao Tang Chief Executive Officer & Director
Ek Kia Tan Independent Non-Executive Chairman
Sui Keng Ang Chief Financial Officer & Manager-Group Treasurer
Michael David Whibley Vice President-Technical
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