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All climbing the cliff. Cut the falling one or all will fall.
ysh2006 ( Date: 01-Sep-2019 13:06) Posted:
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This company is subsidary of Keppel ,why no save her leh ? like Hyflux Temasek also don' t care!
lennon1986 ( Date: 01-Sep-2019 10:21) Posted:
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https://sbr.com.sg/energy-offshore/news/how-will-kris-energys-bankruptcy-impact-keppel
https://www.straitstimes.com/business/companies-markets/singapore-faces-rising-tide-of-bad-debt-with-record-corporate-bonds
"KrisEnergy last week said it received a letter from HSBC Holdings for "acceleration" of their term facility agreement."
"KrisEnergy last week said it received a letter from HSBC Holdings for "acceleration" of their term facility agreement."
https://www.phnompenhpost.com/business/krisenergy-applies-debt-moratorium-keppel-expresses-support-creditor
" The moratorium application constitutes an event of default under KrisEnergy&rsquo s existing debt agreements, comprising a
$200 million revolving credit facility (RCF) with DBS Bank maturing on June 30, 2020,
$130 million four per cent senior unsecured notes due in 2022,
$200 million four per cent senior unsecured notes due in 2023, about
$139.5 million in principal amount of senior secured zero-coupon notes due in 2024,
a term loan from HSBC and
a term loan from Standard Chartered Bank, Singapore Branch.
Keppel is a holder of the zero-coupon notes due in 2024.
Keppel also holds the key economic risk in the RCF, under a bilateral contract between Keppel and DBS. This means, among other things, that Keppel may be required to make DBS whole for any loss the bank suffers under the RCF."
" The moratorium application constitutes an event of default under KrisEnergy&rsquo s existing debt agreements, comprising a
$200 million revolving credit facility (RCF) with DBS Bank maturing on June 30, 2020,
$130 million four per cent senior unsecured notes due in 2022,
$200 million four per cent senior unsecured notes due in 2023, about
$139.5 million in principal amount of senior secured zero-coupon notes due in 2024,
a term loan from HSBC and
a term loan from Standard Chartered Bank, Singapore Branch.
Keppel is a holder of the zero-coupon notes due in 2024.
Keppel also holds the key economic risk in the RCF, under a bilateral contract between Keppel and DBS. This means, among other things, that Keppel may be required to make DBS whole for any loss the bank suffers under the RCF."
Keppel has pump in the notes 2017 and also subscribe the right issue in 2015, yet the debts can' t cut down with oil price moving sharply up. In fact offshore are quite costly for starting up portion, I thought with the notes, they should be say safe enough to cover their expenses and also for the kickoff of Aspara project which I think quite promising as Chevron in the past mentioned of 700m barrel reserve in there but after Krisenergy took over, they revised down to just 30m barrel which is grossly understating the reserve. In fact the characterics should share similar to the thai pattani field as it is very close and has tons of potential. Really disappointed that shareholder can' t even see it surviving to see the completion of Aspara field without entering restructuring.
https://www.kepcorp.com/en/file/investors/presentations/kcl-briefing-to-keppel-analysts.pdf
https://www.asiatimes.com/2019/04/article/cambodia-dreams-of-an-oil-gushing-bonanza/
https://www.kepcorp.com/en/file/investors/presentations/kcl-briefing-to-keppel-analysts.pdf
https://www.asiatimes.com/2019/04/article/cambodia-dreams-of-an-oil-gushing-bonanza/
laksaman57 ( Date: 22-Aug-2019 00:08) Posted:
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Zero drop of oil from Cambodia + US competing = More loss + More debt
KrisEnergy has been handed more breathing space by a Singapore court, with a new hearing scheduled for next month related to a moratorium keeping its creditors at bay. Following a pre-trial conference held on Tuesday, 20 August, KrisEnergy will return to court on 9 September to discuss the moratorium.For us, the moratorium is a court order providing a temporary suspension or restraint of any legal action or proceedings by our creditors. The moratorium allows us some breathing space on repaying our finance costs, while we work towards restructuring our debts, which require the buy-in from all KrisEnergy financial stakeholders &ndash our secured lender, our bondholders and shareholders, a spokesperson for KrisEnergy said. The company said it expects to run operations as business as usual as it is in all parties&rsquo interests that revenues continue to be earned from producing assets and development activities continue for future revenues.The moratorium restrains floating production contractor Rubicon Offshore from taking steps to enforce a judgement by the High Court of Justice Business Property Courts of England Wales within Singapore&rsquo s jurisdiction or elsewhere.The UK court in July found in favour of Rubicon in a legal action stemming from a bareboat charter agreement for the Rubicon Vantage floating production, storage and offloading vessel, which is deployed on KrisEnergy&rsquo s Wassana oilfield off Thailand. Rubicon subsequently hit KrisEnergy with a letter of demand for approximately $2.6 million, including interest, plus any further costs (The story has been updated to clarify that the moratorium is a court order providing a temporary suspension or restraint of any legal action or p
and more importantly mgmt pay
ysh2006 ( Date: 21-Aug-2019 20:11) Posted:
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Krisenergy announced not paying interest for their debts...save money for restructing use....
https://oilprice.com/Latest-Energy-News/World-News/US-Oil-Could-Begin-Competing-With-Middle-East-Crudes-In-Asia.html
"U.S. Oil Could Begin Competing With Middle East Crudes In Asia"
"U.S. Oil Could Begin Competing With Middle East Crudes In Asia"
laksaman57 ( Date: 21-Aug-2019 13:58) Posted:
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https://www.bloomberg.com/opinion/articles/2019-08-18/saudi-arabia-s-promise-to-boost-the-oil-price-just-doesn-t-add-up
"Saudi Arabia Can?t Save the Oil Market"
"Saudi Arabia Can?t Save the Oil Market"
Cambodia first drop of oil still not in sight 😂
They will convert the bonds into share, and common will be diluted to the max
Wind22i ( Date: 20-Aug-2019 19:04) Posted:
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I think it might be near bankrupt..few yrs back the debt is huge, now also worse.. debt cant be repaid without any money or new funds
lennon1986 ( Date: 15-Aug-2019 21:25) Posted:
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The Company wishes to announce that at the pre-trial conference on 20 August 2019, the Singapore Court directed that the Application be heard on 9 September 2019 at 2.30 p.m. in the Singapore Court
2015 equity raising
2017 bond raising
2019 restructuring
Really disappointing for share holders.
laksaman57 ( Date: 15-Aug-2019 20:39) Posted:
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Restructure debt into equity, paint a rosy recovery picture and quickly sell to retail investors loh.
Privatise leh.. This is the best time..
KrisEnergy: Releases 2Q2019 & 1H2019 Financials
The net loss recorded in 1H2019 of US$69.5 million resulted in a capital deficiency position for the Group as at 30 June 2019 of US$46.6 million, and a net current liability position of US$206.7 million. Total debt recognised on the Group' s balance sheet amounted to US$476.8 million and gearing was 110.8%. The Group' s revolving credit facility, as provided by DBS Bank Ltd, will mature on 30 June 2020. As such, the amount drawn as at 30 June 2019 of US$177.4 million has been classified as current liability...http://repository.shareinvestor.com/rpt_view.pl/id/7bbf49c1b5448473522c9defb8fbdd0635367677b492dee6723caec608ed8d7b/type/si_news