Business

Sapura Energy gets extension to submit PN17 regularisation plan

Principal adviser says more time needed due to complexity of company’s overall reset plan

Updated 3 years ago · Published on 13 Jun 2023 2:45PM

Sapura Energy gets extension to submit PN17 regularisation plan
Bursa Malaysia Securities has granted Sapura Energy Bhd an extension to submit its Practice Note 17 regularisation plan to the relevant regulatory authorities, which is now due by November 30. – Sapura Energy pic, June 13, 2023

KUALA LUMPUR – Sapura Energy Bhd has been granted an extension of up to November 30, 2023, to submit its Practice Note 17 (PN17) regularisation plan to the relevant regulatory authorities. 

In a filing with Bursa Malaysia today, its principal adviser, MIDF Amanah Investment Bank Bhd, announced on behalf of the company that Bursa Malaysia Securities had given the extension to Sapura Energy via its letter dated June 12, 2023. 

“The extension of time is needed given the complexity of the company’s overall reset plan. Sapura Energy’s debt restructuring efforts, which underpins its regularisation strategy, are progressing positively,” it said. 

Earlier this month, the High Court of Malaya granted Sapura Energy and 22 of its wholly-owned subsidiaries an extension period of nine months for its Convening and Restraining Orders to March 10, 2024. 

The extension will allow Sapura Energy to finalise proposed schemes with its financiers and other creditors as part of its debt restructuring plan. 

The court-convened meetings with the creditors are envisaged to be held by the end of October 2023. – Bernama, June 13, 2023

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