Sapura Energy formulating regularisation plan to address PN17 status

KUALA LUMPUR – Oil and gas outfit Sapura Energy Bhd is formulating a regularisation plan to address its PN17 status in tandem with a proposed scheme of arrangement and will make monthly announcements on the progress.

In a filing with Bursa Malaysia yesterday, the company said it was taking the necessary steps to address its PN17 status.

“As announced by the company on March 10, 2022, the company obtained an order pursuant to Section 366 of the Companies Act 2016 to summon meetings of the various classes of its creditors to consider.

“If thought fit and appropriate, to approve, a proposed scheme of arrangement and compromise between the company and its creditors,” it added.

Sapura Energy said the company is currently undertaking a proof of debt exercise in connection with the proposed scheme of arrangement. – Bernama, June 1, 2022