Malaysia’s Perisai Petroleum ‘insolvent’

To remind, Perisai on October 3, 2016 held a meeting of the holders of SGD$125 million 6.875% multicurrency medium term notes of the company’s subsidiary Perisai Capital, where noteholders rejected the company’s debt restructuring plan.

Persiai had hoped to receive waivers for the non-payment of principal interest for S$125 million notes due on October 3 and was hoping it would be able to defer the interest payment and maturity date to February 2017.

The company received a notice dated October 10, 2016, from the Trustee of the Notes notifying that an event of default for payment of principal and interest of the Notes has occurred.

Also, Perisai earlier this week said it was working on measures to address the default in payment. As announced on October 3, 2016 Perisai, together with its joint venture partner, Emas Offshore Limited had, on September 30, 2016, received an indicative offer of financing from a financial institution.

“Part of the amount from the indicative offer would be earmarked towards a mutually acceptable resolution with Perisai Capital’s Noteholders with regards the Notes through the availability to the Perisai Group of a sum of approximately $20 million. It is on this basis Perisai Capital intends to engage with the Noteholders on an alternative proposal,” Perisai said.

Offshore Energy Today Staff