KEYFACT Energy
KrisEnergy has announce that the Company is unable to pay its debts based on actual and/or contingent liabilities and will proceed to liquidation, having taken into consideration, among others, the following factors:
- the Company’s liabilities which exceed the value of the Company’s assets;
- the significantly lower ultimate recovery and cashflow from the Apsara Mini Phase 1A development resulting in the Company’s restructuring exercise being no longer viable;
- the lack of an acceptable alternative restructuring option; and
- the lack of near-term infusion of fresh funds available to the Company.
Accordingly, the Company on 4 June 2021 submitted a winding-up petition to the Grand Court of the Cayman Islands. The hearing date for the Winding Up Petition will be fixed.