KUALA LUMPUR (March 6): Sapura Energy Bhd (KL:SAPNRG) said the Kuala Lumpur High Court has approved its debt restructuring plan.

The court granted an order to approve the oil and gas (O&G) services outfit’s schemes of arrangement, which will take effect once a copy of the court order is lodged with the Companies Commission Malaysia (SSM), Sapura Energy said in a bourse filing on Thursday.

This follows creditors’ approval of its debt restructuring plan earlier in February after 52 court-convened meetings.

In conjunction with the order approving the debt restructuring plan, Sapura Energy said the court also granted an order preventing any legal action being initiated against the company until the restructuring effective date.

“The scheme companies have instructed their respective company secretaries to proceed with the lodgement of the court order with SSM. The company will make an announcement upon the lodgement of the court order with SSM,” it added. 

Under the restructuring scheme, preferred unsecured creditors will receive full cash payments within 90 days after the restructuring effective date, expected to be in August 2025, subject to the fulfilment of certain conditions.

Meanwhile, certain Malaysian O&G sector service firms classified as ecosystem creditors will have their claims settled using funds from a white knight investor.

For unsecured creditors, their claims will be settled through a combination of financial instruments, including debt, sustainable debts, redeemable convertible unsecured Islamic debt securities and new ordinary shares. About 7% of the unsecured debt will be permanently waived.

Shares in Sapura Energy ended unchanged at 3.5 sen on Thursday, valuing the company at RM562.76 million.

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