KrisEnergy encumbered debt pushes for liquidation
The oil and gas company has filed for liquidation.
KrisEnergy Ltd. will liquidate all of its assets as the company has announced that it has filed for debt liquidation.
The upstream independent oil and gas company said it was unable to pay its debt because the company’s liabilities exceeded its assets.
Accordingly, on June 4, 2021, the Company filed a liquidation petition with the Grand Court of the Cayman Islands (the “Liquidation Petition”). The date for the hearing of the liquidation petition will be set.
In April, the company said its financial restructuring plan was no longer viable, due to disappointing production performance at its Apsara oil field in Cambodia. KrisEnergy expected its income from its production to help pay off debts amounting to $ 476.8 million ($ 631.4 million)
“Shareholders, noteholders and potential investors of the Company are urged to carefully read this announcement and any other announcement of the Company and should exercise caution when trading in securities of the Company. Stakeholders and potential investors who are in doubt as to what action to take should consult their investment dealers, bank managers, lawyers, accountants or other professional advisers, ”KrisEnergy said.
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