KOTA DAMANSARA (April 23): Barakah Offshore Petroleum Bhd has secured a white knight to inject fresh capital into the group under the company's plannned debt restructuring.

Barakah acting group chief executive officer Abdul Rahim Awang said the company had also secured creditors' support for the restructuring.

Abdul Rahim said Barakah expects to complete the restructuring by end of this year.

“We have spoken to the larger creditors, and they are willing to support us, so we have two very good backers — the white knight and the creditors. So the scheme now needs to be finalised, and we are looking at doing that within the next month or so. Once we are ready, we will announce the scheme structure.

“We hope to at least resolve this matter with creditors, within the next two to three months. We need 75% of the creditors to support our restructuring scheme, and we are fairly confident of securing that,” he said at a press conference here today.

Read - https://www.theedgemarkets.com/article/barakah-inks-mou-expand-locally-and-middle-east