KUALA LUMPUR (April 1): Sapura Energy Bhd has secured a temporary deferment from lenders for outstanding interest and coupon payments for its RM10.3 billion multi-currency financing (MCF) facilities.

The deferment is provided throughout the three-month restraining order given to Sapura Energy by the court, which the group has secured on March 10, to sort out its restructuring plan.

The oil and gas firm received a formal notification of the deferment from Maybank Investment Bank Bhd on March 31, in the latter’s capacity as inter creditor agent for the MCF financiers.

The notification also includes a standstill on related claims for the effective period of the restraining order, Sapura Energy said in its company filing.

Under the MCF facilities, Sapura Energy’s unit Sapura TMC Sdn Bhd has interest due and payable on March 30, 2022 for term loan facilities amounting to US$602 million (RM2.5 billion) and RM906 million.

Sapura TMC also has sukuk periodic profit payments due and payable on March 31 for unrated sukuk murabahah amounting to US$125 million (RM518.5 million) and RM6.38 billion.

Financiers of the MCF facilities are not bound by the restriction order given by the court to Sapura Energy’s creditors.

This is because Sapura Energy and its affected subsidiaries “had entered into separate contractual arrangements with a significant majority of the MCF financiers for inter alia, a standstill on claims during the effective period of the restraining order”, it said.

Sapura Energy and its subsidiaries have received a slew of winding-up petitions since February over non-payment issues, following which they successfully applied for the restraining order to engage with creditors for a proposed scheme of arrangement (SOA) as part of its debt restructuring plan.

A total of 22 Sapura Energy subsidiaries are involved in the SOA, as well as Sapura Energy itself.

Shares of Sapura Energy settled unchanged at 3.5 sen, giving it a market capitalisation of RM559.27 million.