Debt saddled KrisEnergy pushes for liquidation

The oil and gas company has submitted a winding up petition.

KrisEnergy Ltd. will proceed to liquidate all its assets as the company announced it has submitted a winding up petition due to debt.

The independent upstream oil and gas company said that it is unable to pay its debt as the company’s liabilities exceed that of its assets.

Accordingly, the company has on 4 June 2021 submitted a winding up petition to the Grand Court of the Cayman Islands (the “Winding Up Petition”). The hearing date for the Winding Up Petition will be fixed.

In April, the firm said that its financial restructuring plan was no longer viable, attributed to disappointing production performance of its Apsara oilfield in Cambodia. KrisEnergy was anticipating that its revenue from its production to help get through its debts amounting to US$476.8m ($631.4m)

“Shareholders, noteholders and potential investors of the Company are advised to read this announcement and any further announcements by the Company carefully and should exercise caution when dealing in the Company’s securities. Stakeholders and potential investors who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisors,” KrisEnergy announced.