KUALA LUMPUR: Sapura Energy Bhd has received an extension on the standstill period from the Corporate Debt Restructuring Committee (CDRC), which shields it from actions from its multi-currency financing (MCF) creditors.
The latest order will be in effect from June 11 this year until March 10, 2025.
In a filing to Bursa Malaysia, the company said that it received the extension letter on June 7 after the CDRC took into consideration the current status of Sapura Energy's proposed restructuring scheme.
"In line with Bank Negara Malaysia's CDRC Participants Code of Conduct, the MCF Financiers are to continue observing an informal standstill and withhold all legal proceedings, and/or any other recovery action initiated or intended against Sapura Energy and/or the admitted group of companies," it said.
This marked the third extension the company has obtained from the CDRC following a three-month extension it obtained earlier, which ended on June 10.
The latest order, shields Sapura Energy and its subsidiaries from action by creditors.