(Bloomberg) -- Troubled Singapore-traded oil driller KrisEnergy Ltd. said it isn't able to repay debt and will proceed to liquidation as its liabilities exceed assets and there is a lack of an acceptable alternative restructuring option.
KrisEnergy submitted a winding-up petition to the Grand Court of the Cayman Islands Friday and a hearing date will be fixed, according to a statement to the Singapore stock exchange.
“Significantly lower” ultimate recovery and cash flow from a phase of the Apsara oil field development and lack of near-term infusions of funds were also factors that led to the decision, it said.
KrisEnergy said in April that its restructuring plan is no longer viable due to poor results from the Apsara offshore field and there is uncertainty whether the company can continue to operate as a going concern.
Keppel Corp. owns a 3.98% stake in KrisEnergy, according to data compiled by Bloomberg.
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