Winding-up petition against KrisEnergy unit to be heard next week, Companies & Markets


Fri, Nov 20, 2020 – 1:39 PM

A COURT hearing for the winding-up petition filed against a key subsidiary of debt-hit oil and gas company KrisEnergy will take place on Nov 24 in the Cayman Islands.

This comes after the court dismissed an application and subsequent appeal by the wholly-owned subsidiary, KrisEnergy (Gulf of Thailand) (KEGOT), to restrain Rubicon Vantage International from presenting the petition.

KrisEnergy in June announced that KEGOT had lodged the appeal against the first dismissal. On Thursday, KrisEnergy said that the appeal was also dismissed by the Court of Appeal of the Cayman Islands, with costs awarded to Rubicon.

Rubicon had filed claims against KrisEnergy and KEGOT in relation to a bareboat charterparty dated October 2014.

KrisEnergy said on Thursday that the group is taking legal advice on the next steps moving forward.

It reiterated that some of its subsidiaries, including KEGOT, have all or substantially all their assets pledged under a revolving credit facility with DBS, and holders of its senior secured zero-coupon notes due in 2024 also have a second ranking security interest over these secured assets.

KrisEnergy announced separately on Friday morning that a meeting of its scheme creditors will be held electronically on Jan 14 next year at 1pm.

The creditors will be voting on the upstream oil and gas firm’s proposed scheme under Singapore’s Companies Act. It had announced on Monday that the Singapore High Court had granted leave for it to convene a scheme meeting in three months.

The Singapore court has also granted KrisEnergy another extension of its debt moratorium under the Act, until Jan 16, 2021.

KrisEnergy shares have been suspended from trading since August last year.

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