We would like to provide you the latest updates regarding our scheme of arrangement (“SOA”) process, namely; the extension of restraining orders, and deadline submission of the Proof of Debt (“POD”) exercise.

Sapura Energy Berhad (“Sapura Energy” or “the Group”), wishes to announce that the High Court of Malaya (“the Court”) has granted Sapura Energy and 22 of its wholly-owned subsidiaries (collectively, “the Applicants”) an extension period of nine (9) months for its Restraining Order (“RO”), pursuant to Section 368 of the Companies Act 2016, from 10 June 2022 to 10 March 2023.

The MCF Financiers will, in the meantime, continue to be excluded from the application of the extended RO, as the Applicants have entered into an agreement with a significant majority of the MCF Financiers for further standstill for a period of 6 months up to 10 December 2022. For the remaining minority MCF Financiers, the Group will continue to engage with a view to agreeing for the same standstill period.

In the extended RO application to the Court, the Group had also updated its proposed SOA based on new cash flow projections, granted the appointment of adjudicator for POD exercise, and updated its POD submission deadline to on or before 30 June 2022 for creditors to submit its proofs of debt.