KrisEnergy, the upstream oil & gas (O&G) company undergoing restructuring, says it will not be able to make payments of its due financial obligations.
“As part of the restructuring process, the Company is working closely with its advisors to conserve all available cash to meet the KrisEnergy Group’s funding requirements during the restructuring period to protect the interests of all stakeholders while a restructuring proposal is worked on,” says the company in an Aug 11 statement.
In the same statement, KrisEnergy says it will not be repaying its principal and interest payable under the term facility agreements to The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Standard Chartered Bank, Singapore Branch amounting to some US$4.4 million ($6.0 million) which will be due on Aug 21.
The company will also not be repaying its interest payable under the $200 million 4.0%, senior unsecured notes due 2023, amounting to some $4.1 million due Aug 22.
See also: KrisEnergy’s long suffering bondholders unhappy with proposals second restructuring since 2016, Keppel Corp extends KrisEnergy’s repayment of credit facility agreement to Sep 30, and Cash-strapped KrisEnergy believes that its debt restructuring can be 'successfully achieved'
