Sapura Energy Berhad (“Sapura Energy” or “the Company”) received written confirmation from the Corporate Debt Restructuring Committee (“CDRC”) on 11 January 2025 that MCF Financiers representing at least seventy-five percent (75%) in value of the Multi-Currency Financing Facilities have provided their requisite additional approval-in-principle in respect of certain refinements to the terms of the Proposed Restructuring Scheme (“PRS”) proposed by the Company for its debt restructuring exercise (collectively, "second AIP").
Since September 2022, Sapura Energy and the MCF Financiers have been engaged in CDRC-mediated negotiations to reach an accord on the PRS, for which the MCF Financiers provided the first approval-in-principle in December 2023. Thereafter, Sapura Energy continued to refine the PRS, taking into consideration the progress in resolving certain contingent claims through the proof of debt process. The second AIP for the PRS paves the way for court-convened meetings with the relevant classes of creditors of Sapura Energy and its relevant subsidiaries. It will also facilitate a prospective financial investment from a White Knight.
Sapura Energy Interim Chairman Shahin Farouque Jammal Ahmad expressed gratitude to CDRC for their invaluable guidance and support during the mediation process. “We wish to thank both the CDRC and the MCF Financiers for continuing to support Sapura Energy’s turnaround effort”, said Shahin. "With this positive development, Sapura Energy is another step closer to regularising our financial position and emerging from our status as a Practice Note 17 company.”
Cautionary note: “Sapura Energy”, “the group” and “the company” are used for convenience where references are made to Sapura Energy Berhad in general. Similarly, words like “we”, “us” and “our” are used to refer to Sapura Energy Berhad in general or to those who work for the company and its subsidiaries, where relevant. This press release may contain forward-looking statements. All statements other than statements of historical facts included in this press release, including, without limitation, those regarding our financial position, financial estimates, business strategies, prospects, plans and objectives for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Such forward-looking statements reflect our current view with respect to future events and are not a guarantee of future performance. Forward-looking statements can be identified by the use of forward-looking terminology such as the words “may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “aim”, “plan”, “forecast” or similar expressions and include all statements that are not historical facts.