Really tough times ahead for Perisai
KUALA LUMPUR: Cash-strapped Perisai Petroleum Teknologi Bhd and its joint venture partner, Emas Offshore Ltd (EOL) have received an indicative offer of financing from a financial institution.
The company said on Tuesday part of the amount from the indicative offer would be used to reach “a mutually acceptable resolution with the company’s noteholders” over the US$20mil notes due.
Perisai and EOL were in talks with the financial institution to procure a formal letter of offer subject to satisfaction of certain conditions.
“As part of the indicative financing package above, EOL and Perisai are in discussion and working towards resolving various issues amongst themselves, including a put option that was granted by EOL to the company over the company's 51% shareholding in SJR Marine (L) Ltd (SJR).
“The company and EOL are joint venture partners in Emas Victoria (L) Bhd and SJR, the owner of the floating, production, storage and offloading vessel, Perisai Kamelia and the offshore construction vessel Enterprise 3 respectively,” it said.
StarBiz reported Perisai faces the redemption of its S$125mil (RM377mil) bond which matured on Monday after noteholders voted to reject its restructuring plan.
The firm had failed to secure a waiver on the payments and other obligations during a meeting with bondholders in Singapore on Monday, Bloomberg reported.
In a Sept 9 consent solicitation note, Perisai had also sought for an extension to the bond’s maturity date to Feb 3, 2017 from Oct 3, 2016.
According to Bloomberg, more than 70% of the holders who voted during the meeting voted against Perisai’s restructuring plan.
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