Sapura Energy Receives New Order From Court


 The court ordered Sapura Energy Bhd and its 22 wholly-owned subsidiaries to hold meetings with each of their respective creditors.

The company also obtained a new restraining order (RO) barring them from legal action or proceedings for 3 months from March 11.

It is to facilitate the business of the company to cooperate with creditors in debt restructuring efforts without any interruption.

Both orders issued by Judge Atan Mustaffa Yussof Ahmad are effective from Saturday, following the proceedings conducted on Wednesday.

Earlier, Sapura Energy and its subsidiaries had filed an ex-parte application on Friday to hold a meeting and RO under a court order.

Trading in the company's shares was suspended for an hour in the early morning opening before resuming at 10am. As of 11.40am, Sapura Energy rose 0.5 sen or 11.11% to 5 sen.

Meanwhile, the ban order by the court granted on 10 March 2022 and extended to 8 June 2022 will expire tomorrow (Friday).