CEO Morning Brief

High Court Gives Sapura Energy and Subsidiaries Nine-month Extension to Convening and Restraining Order

Publish date: Wed, 07 Jun 2023, 08:39 AM
0 15,720
TheEdge CEO Morning Brief

KUALA LUMPUR (June 6) : The High Court (Commercial division) on Tuesday (June 6) granted a nine-month extension to a convening and restraining order (RO) previously granted to Sapura Energy Bhd and its 22 subsidiaries.

Judge Atan Mustaffa Yussof Ahmad granted the extension on Tuesday afternoon following a hearing. As such, the nine-month extension will begin from June 11.

The companies were represented by counsel Saheran Suhendran.

On March 8, The Edge reported that Sapura Energy and its 22 subsidiaries were given fresh orders to hold court-convened meetings with creditors within three months; the court also allowed a three-month RO.

The Sapura Energy subsidiaries are Sapura Marine Ventures Sdn Bhd, Sapura Geosurvey Sdn Bhd, Sapura Drilling Probadi Sdn Bhd, Sapura Subsea Services Sdn Bhd, Sapura Geoscience Sdn Bhd, Sapura Subsea Corporation, Sapura Engineering (Offshore) Sdn Bhd, Sarku Engineering Services Sdn Bhd, Sapura Technology Solutions Sdn Bhd, Sapura Fabrication Sdn Bhd, Sapura Engineering Sdn Bhd, Sapura Offshore Sdn Bhd, Sapura Petroleum Ventures Sdn Bhd, Sapura 1200 Ltd, Sapura Geotechnics Sdn Bhd, Sapura Pinewell Sdn Bhd, Sapura TMC Sdn Bhd, Sapura 3500 Ltd, Sapura Dana SPV Pte Ltd, Sapura Nautilus Sdn Bhd, Sapura 900 Pte Ltd, and Sapura Drilling Pte Ltd.

The companies filed an ex-parte application (with respect to the interests of one side) in March where, among others, they sought the RO, and court order to hold the court-convened meetings.

Read also:
High Court allows Sapura Energy and subsidiaries to hold court-convened meetings within three months
Sapura Energy and 22 units obtain restraining order until March next year

Source: TheEdge - 7 Jun 2023

Related Stocks
Market Buzz
Be the first to like this. Showing 0 of 0 comments

Post a Comment