Legal moves take centre stage in KrisEnergy saga

KrisEnergy, the highly scrutinised oil and gas company that has failed to extract as much oil as expected from the Apsara oil fields off the coast of Sihanoukville, revealed that its creditors have ceased funding the company and announced that they are seeking repayment in the near future.

The Development Bank of Singapore (DBS) Bank Ltd, the provider of the revolving credit facility that had kept the company afloat, officially cancelled its commitments under the credit facility and announced that all loans are now payable on demand.

Madison Pacific Trust Ltd, which acted as a security agent in the revolving credit facility, announced that KrisEnergy had defaulted on its loans, which were part of the Cambodian Loan Facility.

“Each of DBS and Madison Pacific has also provided notice that they are entitled to take enforcement action and intend to do so in the near future,” the notice posted by KrisEnergy said.

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