Restructuring Information Centre

 

On 14 August 2019, KrisEnergy Ltd. (the “Company”) applied to the High Court of Singapore to commence a court-supervised process to reorganise its liabilities and to seek a moratorium against enforcement actions and legal proceedings by creditors against the Company pursuant to section 211B of the Companies Act (Chapter 50) of Singapore.

The Company engaged Drew & Napier LLC as legal advisor and Houlihan Lokey (Singapore) Private Limited as financial advisor/restructuring consultant.

The Restructuring Proposal is envisaged to be implemented via four inter-conditional processes that require the consent of the requisite majority of each respective group of creditors and shareholders:

 

 

Bilateral
Agreement

Consent
Solicitation

Scheme
of Arrangement

Extraordinary
General Meeting (“EGM”)

Stakeholder

1st Lien Secured
Revolving Credit Facility

Zero Coupon Notes

2022 Notes and 2023 Notes

Unsecured Term Loans

Other Unsecured Creditors

Ordinary Shareholders

Proposed
Amendment

Amendment of debt instrument

Partial conversion of
claims into equity

Amendment of debt instruments

Conversion of debt instrument and claims
into equity

Not applicable. The requisite Shareholders' approval will be sought for the Restructuring proposal

Requisite
Voting
Thresholds

Bilateral agreement
with the lender

75.0% in value of Zero Coupon Noteholders
voting at consent solicitation meeting

75.0% in value and 50.0% in number of Scheme Creditors voting at the Court Meeting

More than 50.0% of voting interest
held by relevant shareholders
voting on EGM ordinary resolutions

Upate
on status

RCF maturity date extended for an initial period of 6 months to 30 June 2021
Further extension to 30 June 2024 upon successful completion of restructuring 

In progress

Approved by Scheme Creditors on 14 January 2021

In progress

 

Further information in relation to key dates, including the deadlines to lodge the relevant voting instructions for the Zero Coupon Notes and the proxy forms for the EGM will be provided in due course.

 

Documents Announcements

14 Jan. 2021: Updates on restructuring process - Updated List of Creditors 18 Jan. 2021: Updates on restructuring process - Outcome of Court Meeting (corrigendum)
24 Dec. 2020: Updates on restructuring process - Results of Adjudication 15 Jan. 2021: Updates on restructuring process - Application for 6th extension of the moratorium and hearing date
24 Dec. 2020: Availability of results of adjudication advert - Lianhe ZaoBao 14 Jan. 2021: Updates on restructuring process - Outcome of Court Meeting
24 Dec. 2020: Availability of results of adjudication advert - Business Times/Straits Times 12 Jan. 2021: Updates on restructuring process - KrisEnergy Ltd's Q&A
5 Dec. 2020: List of parties that have filed Proof of Debt - Lianhe ZaoBao 5 Jan. 2021: Updates on restructuring process - KrisEnergy Ltd's Q&A
5 Dec. 2020: List of Parties that have filed Proof of Debt - Business Times 30 Dec. 2020: KrisEnergy extends revolving credit facility to 30 June 2021
5 Dec. 2020: List of Parties that have filed Proof of Debt - Straits Times 29 Dec. 2020: Cambodia's maiden Apsara oil field comes onstream
25 Nov. 2020: Order of Court - Moratorium Application 24 Dec. 2020: Updates on restructuring process - Results of Adjudication
25 Nov. 2020: Order of Court - Variation Application 24 Dec. 2020: Updates on restructuring process - Availability of Adjudication Results
25 Nov. 2020: Order of Court - Leave Application 23 Dec. 2020: Updates on Restructuring Process
20 Nov. 2020: Notice of Court Meeting - Lianhe ZaoBao 23 Dec. 2020: Updates on restructuring process - KrisEnergy Ltd's Q&A
20 Nov. 2020: Notice of Court Meeting - Straits Times/Business Times 6 Dec. 2020: Updates on restructuring process - KrisEnergy Ltd: List of Parties that have filed a Proof of Debt
10 Jun. 2020: Business Times EGM Advert 5 Dec. 2020: Updates on restructuring process - List of parties that have filed a Proof of Debt
5 Jun. 2020: Business Times AGM Advert 27 Nov. 2020: Updates on restructuring process - Amendments to Explanatory Statement
19 Aug. 2019: Business Times Advert 27 Nov. 2020: Amended Explanatory Statement (clean) 
14 Aug. 2019: Frequently Asked Questions 27 Nov. 2020: Amended Explanatory Statement (blackline)
    25 Nov. 2020: Update on Legal Proceedings - Withdrawal of winding up petition by Rubicon
    24 Nov. 2020: Update on Legal Proceedings - Settlement with Rubicon
    20 Nov. 2020: Notice of Court Meeting
    20 Nov. 2020: Scheme of Arrangement
    20 Nov. 2020: Explanatory Statement
    19 Nov. 2020: Update on Legal Proceedings with Rubicon
    16 Nov. 2020: Updates on restructuring process - Scheme of Arrangement: Outcome of Scheme Applications
    11 Nov. 2020: Unaudited third quarter 2020 financial statements
    10 Nov. 2020: Updates on restructuring process - Scheme of Arrangement: Adjourned Hearing Date
    3 Nov. 2020: Updates on restructuring process - Outcome of the Application for the extension of time to comply with Rule 1304(1) of the Listing Manual
    30 Oct. 2020: KrisEnergy to announce 3Q2020 and 9M2020 financials and provide operational update
    27 Oct. 2020: Updates on restructuring process - Submission of Trading Resumption Proposal
    21 Oct. 2020: Updates on restructuring process - Scheme of Arrangement: Change of Hearing Date for Scheme Applications
    16 Oct. 2020: Updates on restructuring process - Scheme of Arrangement
    23 Sep. 2020: Updates on (A) Loan Agreement with Kepinvest Singapore Pte. Ltd and (B) Disposal of Andaman II PSC
    7 Sep. 2020: Updates on restructuring process - Outcome of 4th moratorium extension application
    4 Sep. 2020: Updates on restructuring process - KrisEnergy Ltd.'s Q&A from 3rd Informal Investor Meeting on 27 August 2020
    31 Aug. 2020: Updates on restructuring process - Application for 4th extension of the moratorium and hearing date
    31 Aug. 2020: Clarification announcement relating to the Business Times article published on 27 August 2020 
    21 Aug. 2020: Presentation - KrisEnergy Ltd. - Final Restructuring Proposal 
    21 Aug. 2020: Updates on restructuring process - Notice of 3rd Informal Investor Meeting
    13 Aug. 2020: KrisEnergy Ltd: Unaudited second quarter 2020 financial statements
    11 Aug. 2020: Updates on restructuring process - Updates of further non-payment of principal and interest
    4 Aug. 2020: Updates on restructuring process - Application for extension of time to comply with Rule 1304(1) of the Listing Manual
    30 Jul. 2020: KrisEnergy to announce 2Q2020 and 1H2020 financials and provide operational update
    13 Jul. 2020: Corrigendum to 2019 Annual Report
    8 Jul. 2020: Amendment to Loan Agreement with Kepinvest Singapore Pte. Ltd.
    30 Jun. 2020: KrisEnergy extends revolving credit facility to 31 December 2020
    28 Jun. 2020: KrisEnergy Ltd.'s Q&A for the 7th Annual General Meeting on 29 June 2020
    27 Jun. 2020: KrisEnergy Ltd.'s Q&A from 2nd Informal Investor Meeting on 19 June 2020
    18 Jun. 2020: Updates on restructuring process - Outcome of 3rd moratorium extension application
    16 Jun. 2020: Presentation - KrisEnergy Ltd. 2nd Informal Investor Meeting
    15 Jun. 2020: Updates on restructuring process - Invitation to 2nd Informal Investor Meeting
    11 Jun. 2020: KrisEnergy Ltd. - Unaudited first quarter financial statements
    10 Jun. 2020: Notice of Extraordinary General Meeting
    9 Jun. 2020: Updates on restructuring process - Updates on further non-payment of interest
    5 Jun. 2020: Response to SGX Queries on the Company's Announcement dated 3 June 2020 in relation to Independent Auditor Assessment of Material Uncertainty Related to Going Concern
    5 Jun. 2020: KrisEnergy publishes 2019 Annual Report
    5 Jun. 2020: Notice of Annual General Meeting
    3 Jun. 2020: Independent Auditor Assessment of Material Uncertainty Related to Going Concern on the Audited Consolidated Financial Statements for the Financial Year ended 31 December 2019
    1 Jun. 2020: Updates on restructuring process - Hearing date for the application for 3rd extension of the moratorium
    29 May 2020: Updates on restructuring process - Application for 3rd extension of the moratorium
    19 May 2020: KrisEnergy confirms interim CFO as permanent
    4 May 2020: Approval of the Extension Applications to comply with Rules 705(2) and 707(1) of the Listing Manual
    30 Apr. 2020: KrisEnergy secures loan facility for Cambodia Apsara oil development, seeks IPT approval
    1 Apr. 2020: Application for extension of time to comply with Rules 705(2) and 707(1) of the Listing Manual
    28 Feb. 2020: KrisEnergy Ltd: Unaudited fourth-quarter and full-year 2019 financial statements
    25 Feb. 2020: Updates on restructuring process - Outcome of 2nd moratorium extension application
    20 Feb. 2020: Updates on restructuring process - Updates on further non-payment of principal and interest
    17 Feb. 2020: Updates on restructuring process - (1) Application for 2nd extension of the moratorium and (2) Hearing date
    14 Feb. 2020: Update on Statutory Demand
    29 Jan. 2020: KrisEnergy to announce 4Q2019 and FY2019 financial results
    27 Nov. 2019: Updates on restructuring - Outcome of moratorium extension application
    19 Nov. 2019: Updates on restructuring - Hearing date for the application for an extension of the moratorium
    15 Nov. 2019: Updates on restructuring - (1) Application for an extension of the moratorium and (2) Pre-Trial Conference date
    29 Oct. 2019: KrisEnergy to announce 3Q2019 and 9M2019 financial results
    22 Oct. 2019: Updates on restructuring: Non-payment of redemption amounts under the Notes
    1 Oct. 2019: KrisEnergy Ltd.'s Q&A from 1st Informal Investor Meeting on 10 September 2019
    10 Sep. 2019: Presentation - KrisEnergy Ltd. 1st Informal Investor Meeting
    10 Sep. 2019: Updates on restructuring process - 1st Informal Investor Meeting on 10 September 2019
    10 Sep. 2019: Updates on restructuring: Outcome of Moratorium Application
    30 Aug. 2019: Updates on restructuring: Information on Informal Investor Meeting
    28 Aug. 2019: Notice of Occurrence of Redemption Event: Zero Coupon Notes
    28 Aug. 2019: Notice of Occurrence of Redemption Event: 2023 Notes
    28 Aug. 2019: Notice of Occurrence of Redemption Event: 2022 Notes
    21 Aug. 2019: Updates on restructuring process - Non-payment of principal and interest
    20 Aug. 2019: Updates on restructuring process - Hearing Date
    15 Aug. 2019: Updates on restructuring process
    14 Aug. 2019: Application for moratorium pursuant to Section 211B of the Companies Act (Cap. 50)
    14 Aug. 2019: KrisEnergy Ltd. announces suspension of securities trading