UPDATE 1: 8:58 p.m. ET 11/24/2020: Oil and gas company KrisEnergy Ltd.
announced to the Singapore stock exchange yesterday, Nov. 24, that various KrisEnergy entities have entered into a settlement deed with Rubicon Vantage International Pte Ltd and Maritime International Services Pte Ltd to, among other things, fully and finally settle claims between the parties connected with disputes under the bareboat charter and O&M contract.
As part of the settlement, Rubicon and Maritime International will file a proof of debt for $15.3 million, the amount due to them under the settlement deed, in the scheme of arrangement pursued by the company in Singapore. They agree that the filing of the proof of debt and any distribution shall constitute full and final settlement of the settlement sum, according to the announcement.
In addition, Rubicon and Maritime International have undertaken to vote in favour of the scheme in respect of the settlement sum, the announcement sets out.
According to the announcement, the settlement sum is an aggregate of the total amount which could be owing from the KrisEnergy parties to Rubicon and Maritime International, including contingent claims.
The announcement details that on and from Nov. 24, the releases under the settlement deed will be effective, and that these include:
- Rubicon will withdraw the winding up petition in the Cayman Islands against KrisEnergy (Gulf of Thailand) Ltd (KEGOT);
- Rubicon and KEGOT will apply jointly to the High Court of Justice Business and Property Courts of England and Wales for a discontinuance of the relevant proceedings in England;
- Rubicon shall not commence any enforcement action in respect of the judgement amount previously awarded by the English High Court in respect of claims under the guarantee;
- Rubicon, KEGOT and KrisEnergy Ltd. will discontinue any legal action and/or claims in relation to the bareboat charter and/or the guarantee and agree to bring no claims arising out of or in relation to such documents in the future;
- Maritime International, KEGOT and KrisEnergy Ltd will discontinue any legal action and/or claims in relation to the O&M contract and/or the O&M guarantee and/or the demand under the O&M guarantee and agree to bring no claims arising out of or in relation to such documents in the future; and
- Rubicon will withdraw its statutory demands against KEGOT in the Cayman Islands.
In addition, the other key terms of the settlement deed include that KrisEnergy (Apsara) Company Ltd will enter into a new bareboat charter for the hire of a vessel, Rubicon Vantage, from Rubicon, the announcement sets out.
The terms will be based on the “BIMCO Barecon 2017 Form of Charter” and the charter hire payable is at market rate. Rubicon Vantage will be used in the Cambodia Block A Apsara oil field, the announcement details.
The Rubicon parties to the settlement agreement are KEGOT, KrisEnergy (Aspara) Company Limited, KrisEnergy (Cambodia) Ltd and KrisEnergy Marine BV, according to the announcement.
Original Story 1:46 a.m. UTC on Nov. 20, 2020KrisEnergy Scheme Meeting Scheduled on Jan. 14; KrisEnergy Subsidiary Loses Appeal Against Winding Up Petition Filed By Creditor RubiconRelevant Documents:AnnouncementNotice of Court Meeting Scheme of Arrangement Explanatory Statement
KrisEnergy Ltd., in multiple announcements made to the Singapore stock exchange today (Nov. 20), said that a meeting of KrisEnergy’s scheme creditors is scheduled for 1:00 p.m. SGT on Jan. 14, 2021 to consider and approve a scheme of arrangement.
Luke Furler of AJCapital Advisory Pte Ltd. will act as chairman of the meeting and report the results to the Singapore High Court, the announcement states.
Creditors, except the holders of S$130 million ($96.7 million) senior unsecured notes due 2022 and the S$200 million senior unsecured notes due 2023, have to file proof of claims by 6:00 p.m. on Dec. 4, the announcement states. The due 2022 and 2023 noteholders do not need to file proof of claims.
The
scheme document and
explanatory statement are attached.
Rubicon Litigation
Regarding claims filed by Rubicon Vantage International Pte Ltd against KrisEnergy and its wholly-owned subsidiary, KrisEnergy (Gulf of Thailand) Ltd, KrisEnergy states in a Nov. 19 announcement to the Singapore stock exchange that an appeal against dismissal of an application to restrain Rubicon from winding up the subsidiary has been dismissed by the Court of Appeal of the Cayman Islands.
KrisEnergy (Gulf of Thailand) Ltd and Rubiocn had entered into a bareboat charterparty dated October 2014, the announcement states. The next hearing to proceed with Rubicon’s plea to wind-up KrisEnergy (Gulf of Thailand) Ltd is scheduled on No. 24, according to the announcement.
The announcement says that in relation to the secured creditors of KrisEnergy (Gulf of Thailand) Ltd:
- certain subsidiaries of the company, which include KrisEnergy (Gulf of Thailand) Ltd, have all or substantially all their assets pledged under the revolving credit facility with DBS Bank Ltd; and
- noteholders of the Group’s senior secured zero coupon notes due 2024 have a second ranking security interest over the assets mentioned above.