Reprieve for Perisai Petroleum Teknologi

Troubled Perisai Petroleum Teknologi, a Malaysian associate company of Emas Offshore, has got some breathing room from creditors thanks to the help of the government.

Perisai had earlier applied to the Corporate Debt Restructuring Committee – a platform formed by the Malaysian government in 1998 for corporate borrowers and their creditors to work out debt resolutions without resorting to legal proceedings – for help.

The CDRC accepted the application and has since issued a letter the following day to lenders of Perisai in Singapore and Malaysia, as well as the trustee of its outstanding S$125m notes.

As a result, all lenders are required to observe an informal standstill with immediate effect, and withhold proceedings against the Perisai group and its subsidiaries.

Perisai will have 60 days to submit a proposal for a debt restructuring scheme, after which CDRC will call for a meeting with the lenders.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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