KUALA LUMPUR (Oct 16): Loss-making Barakah Offshore Petroleum Bhd and its unit PBJV Group Sdn Bhd have been granted a court order to restrain all proceedings and actions brought against them except with leave of Court.

The order commenced on Oct 12 for a period of 90 days up to Jan 9, 2019.

“The order was applied for as part of a proactive measure by Barakah to manage the debt levels of Barakah and its subsidiaries and the order allows the Barakah Group to negotiate terms with its lenders and creditors without having the threat of any proceedings and actions being brought against the company,” it said in a filing with Bursa Malaysia today.

It added that none of the group’s lenders had called for an event of default on any of the group’s financing facilities prior to obtaining the order.

Further developments would be announced later, it said.

Trading of Barakah Offshore’s shares had earlier been suspended prior to the announcement.