In a statement today, Sapura Energy said the subsidiary companies concluded 52 separate court-convened meetings between Feb 21 and Feb 27, 2025.

Sapura Energy group CEO Zamri Jusoh said the group believes that it has offered creditors a fair and equitable resolution as part of its commitment to preserve the Malaysian energy ecosystem.

“We are very grateful for the support shown by all creditors towards Sapura Energy’s debt restructuring effort.

“Despite the lengthy process, they have remained committed to the turnaround and we deeply appreciate their trust,” he added.

The schemes will become binding on the subsidiary companies and their creditors upon an order of sanction being made by the High Court pursuant to Section 366(4) of the Companies Act 2016, and upon such order being lodged with the Companies Commission of Malaysia, the statement added.

Under the schemes, the admitted claims of preferred unsecured creditors — after waiving all penalty charges, late payment charges and accrued interest or profit from Jan 31, 2022, to the restructuring effective date — will be settled fully in cash within 90 days after the restructuring effective date.

The earliest expected effective date is August 2025, subject to certain conditions.

Sapura Energy said the settlement of the remaining claims of ecosystem creditors would be funded from the proceeds of an investment to be made by a white knight upon the restructuring effective date.

Meanwhile, admitted claims by unsecured creditors — after an irrevocable waiver of all penalty charges, late payment charges and interest or profit accruing from Jan 31, 2022 to the restructuring effective date — will be settled through several exercises.