KUALA LUMPUR (June 14): Sapura Energy Bhd and 22 of its wholly-owned subsidiaries have obtained a nine-month extension of the restraining order (RO) from the High Court against their creditors.

The companies are to update the court by Sept 28 on the progress of the proposed scheme of arrangement. Judicial Commissioner (JC) Adlin Abdul Majid granted the RO following proceedings conducted last Wednesday afternoon (June 8).

Initially, these companies were granted a three-month RO as applied under Section 368(1) of the Companies Act 2016 last March, which was slated to end on June 10.

The companies filed for the RO and a scheme of arrangement in March this year, and they were represented by Saheran Suhendran.

On another note, in a Bursa Malaysia announcement by Sapura Energy, it was stated that MCF (multi-currency financing) financiers will, in the meantime, continue to be excluded from the application of the extended RO on the basis that the companies, which are obligors in relation to the MCF facilities, have entered into an agreement with a significant majority of the MCF financiers for, inter alia, a standstill on claims under the MCF facilities for a further period of six months up to Dec 10 this year.

Sapura Energy said it “is continuing to engage with the remaining minority MCF financiers with a view to agreeing a standstill with such MCF financiers in short order”.