Singapore-based oil and gas independent KrisEnergy has submitted a winding-up petition to the Grand Court of the Cayman Islands. The hearing date for the petition has yet to be set.
The company said that, based on actual and contingent liabilities, it is unable to pay its debts and will proceed with liquidation.
KrisEnergy on Monday said it received notices from DBS and Madison Pacific Trust regarding a revolving credit facility and a Cambodia loan facility respectively.
DBS cancelled the total commitments under the revolving credit facility and declared that all loans are now payable on demand. Madison Pacific notified KrisEnergy of a default under the Cambodia loan facility, provided by Keppel’s subsidiary Kepinvest Singapore.
Keppel said on Tuesday it will recognise a loss of S$318m ($240.3m) in respect of its exposure to KrisEnergy in its 1H 2021 results.
DBS and Madison Pacific have also provided notice that they are entitled to take enforcement action and intend to do so in the future.