KS Energy

The POs were related to the false trading that inflated shares in KS Energy.

According to an SGX filing, the costs of the application will be paid out of the assets of KS Energy and KS Drilling.

The Singapore High Court has granted OCBC Bank’s application to place KS Energy and its subsidiary, KS Drilling, under judicial management.

The move comes after the bank sent letters of demand to KS Energy, KS Drilling and six other subsidiaries for a US$230.7 million ($315.1 million) term loan and US$5 million bridging loan to KS Drilling.

Wiluan, who has a personal net worth of US$240 million ($330 million), is out on court bail of $250,000.

Though Altman’s Z-score, a popular formula for predicting bankruptcy was initially directed at American companies, it provides clues for Singapore’s volatile oil & gas sector.

SINGAPORE (Dec 19): KS Energy has been awarded a contract extension worth US$6.1 million ($8.3 million) for the KS Java Star 2 jack-up drilling rig, the company announced Thursday.

SINGAPORE (June 28): Energy services providerKS Energy announced it has secured two contracts worth US$23.9 million ($32.4 million).

SINGAPORE (Dec 21): KS Energy announced Friday that a subsidiary of its 80.09%-owned subsidiary, KS Drilling, has been awarded a US$2.6 million ($3.6 million) contract for the KS Java Star 2 jack-up drilling rig.

SINGAPORE (Apr 6): KS Energy’s PT Petro Papua Energi has been awarded a US$5 million ($6.6 million) extension contract for the KS Discoverer 6 land drilling rig in Indonesia.