KrisEnergy fights debt load to keep Cambodian oil project on track

Company focusing 'all resources' on achieving first production in the country.

Singapore-listed KrisEnergy is fending off creditors on multiple fronts as the upstream oil company fights to keep its Cambodian ambitions on track.

The company told shareholders that it will appear in court in Singapore next Monday to request a second three-month extension to a debt moratorium. The moratorium has been in place since August, when KrisEnergy began efforts to restructure its debt load, which stood at $476.8 million as of last year.

Meanwhile Rubicon Offshore International, a Singapore-based offshore oil field service company, this month filed a statutory demand in the Cayman Islands against KrisEnergy’s Thai subsidiary seeking $2.84 million.

In full: https://asia.nikkei.com/Business/Companies/KrisEnergy-fights-debt-load-to-keep-Cambodian-oil-project-on-track

© 2020, All rights reserved.