Keppel unit extends KrisEnergy's restructuring deadline to 30 September
The latter failed to complete the restructuring process by 15 July.
Kepinvest Singapore, a wholly-owned subsidiary of Keppel Corporation Limited (KCL), made a deal with KrisEnergy to extend the latter’s restructuring completion deadline from 15 July to 30 September, an SGX filing revealed.
This comes after KrisEnergy and KrisEnergy (Asia) stated that they failed to complete the restructuring of the financial indebtedness by the original due date, which would then serve as a mandatory prepayment event under the CBA loan facility agreement they made with Kepinvest Singapore.
“As noted in previous announcements, the company reserves the right to evaluate KrisEnergy’s debt restructuring plan, and to approve or reject KrisEnergy’s debt restructuring plan as the company deems fit in its best interests,” Kepinvest Singapore said in the filing.
The loan deal was first announced on 30 April.