KEPPEL Corporation, which owns a 40 per cent stake in upstream oil and gas company KrisEnergy, on Sunday said it is prepared to support the final restructuring proposal of the debt-hit firm.
In a bourse filing, Keppel Corp said it has evaluated KrisEnergy's debt workout plan, which it believes is a"deliverable plan". "But for KrisEnergy's restructuring to be successful, the company would require the support of its stakeholders as the final restructuring proposal is subject to receipt of inter-conditional approvals across stakeholder groups," said Keppel Corp. KrisEnergy had earlier warned that it is likely to face liquidation without comprehensive restructuring.
Keppel Corp noted that - based on its financial adviser's current analysis of KrisEnergy's assets and operations and the final restructuring proposal - it does not expect a consensual restructuring of KrisEnergy to have a material impact on Keppel Corp's net tangible assets or earnings per share for the current financial year. The group hopes to see a successful conclusion to the financial restructuring of KrisEnergy in the next few months.
On Aug 21, KrisEnergy announced changes to its final restructuring proposal - it largely involves a debt-to-equity swop - based on feedback from stakeholders. In a nutshell, it involved a higher allocation of equity to unsecured debt holders, and reduced dilution for existing shareholders.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »