KrisEnergy Announces Non-Payment of Redemption Amounts of Notes 

Relevant Document:
SGX Announcement Oct. 22

KrisEnergy announced through the Singapore Stock Exchange (SGX) today Oct. 22, that it will not be making payments on the redemption amount of its notes.

The company states that while restructuring is ongoing, it has determined that “the following payments will not be made notwithstanding the occurrence of redemption event(s) under the notes (as defined below) and the submission of any completed exercise notice within the exercise period”:
 

• Redemption amount comprising principal and interest payable under the S$130 million ($95.5 million) 4% senior unsecured notes due 2022
• Redemption amount comprising principal and interest payable under the $200 million 4% senior unsecured notes due 2023
• Redemption amount comprising principal payable under the S$139,464,848 in aggregate principal amount of senior secured zero coupon notes due 2024

KrisEnergy also states that given the financial condition of the company and its subsidiaries, “it is not feasible for the Company to make all payment(s) of its financial obligations as they fall due. As part of the restructuring process, the Company is working closely with its advisors to conserve all available cash to meet the KrisEnergy Group’s funding requirements during the restructuring period to protect the interest of all stakeholders while a holistic and equitable restructuring proposal is worked on.”

See Reorg’s past coverage on KrisEnergy HERE.

The company’s capital structure is below: