KUALA LUMPUR: Sapura Energy Bhd
said at least 75 per cent of its financiers from its RM10.3 billion multi-currency financing facilities (MCF financiers) have approved in principle a proposed debt restructuring scheme.
In a statement today, the company said the corporate debt restructuring committee (CDRC) gave a "written confirmation” on the matter, marking "a significant milestone” in its reset plan, which includes efforts to address its unsustainable debt levels and amounts owed to trade creditors.
The exercise involves about RM1.5 billion in claims from vendors, it added.
"With the approval-in-principle, we are quite confident that we are now approaching the last few milestones of this journey,” said group chief executive officer Datuk Mohd Anuar Taib.
"This is indeed a positive step towards regularising our financial position, ultimately helping Sapura Energy to exit from its status as a Practice Note 17 company,” he said.
The statement said the company and its advisers will continue working with the MCF financiers and the debt restructuring committee to achieve closure.
Sapura Energy and the MCF financiers have been engaged in negotiations mediated by the debt restructuring committee since September 2022.
The approval-in-principle for the proposed debt restructuring scheme paves the way for court-convened meetings with its creditors, the statement said. - Bernama
