July 2014 picture shows a Perisai Petroleum Teknologi Bhd maiden jack-up drilling rig, Perisai Pacific 101 at PPL Shipyard in Singapore -
SINGAPORE: A Perisai Petroleum Teknologi Bhd bondholder has filed a petition in a Malaysian court to wind up the company, which defaulted on a S$125 million ($90 million) bond after investors rejected a request for an extension on its Oct. 3 maturity date.
The petition was filed by Ravi Murarka, who says he holds S$15 million of the issue, according to the company's statement to the stock exchanges on Thursday.
The company, an oil and gas services provider, said the petition itself isn't expected to have a significant financial or operational impact. The firm has sought preliminary legal advice and intends to challenge the petition.
The company earlier this month said it received a notice from the bonds trustee demanding immediate repayment of the bonds and interest.
Several issuers of Singapore dollar bonds in the offshore and marine sector are facing strain in meeting their debt commitments, as tumbling global oil prices and low demand have hurt sales and profits.
These include oilfield services company Swiber Holdings , which was placed under judicial management this month. ($1 = 1.3908 Singapore dollars) - Reuters
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