Sapura Energy’s Mexican unit declared bankrupt amid debt restructuring challenges

SAPURA Energy Bhd said that its wholly-owned subsidiary, Sapura Energy Mexicana Sociedad Anónima Promotora de Inversión de Capital Variable (SEM), has been declared bankrupt by the Second District Insolvency Court in Mexico City.

The bankruptcy decision follows SEM’s failure to restructure its debts within the stipulated timeframe, as it faced challenges in garnering the necessary votes from creditors.

Although SEM is challenging the court’s decision and preparing an appeal, Sapura Energy emphasised that SEM currently has no assets and does not engage in ongoing projects.

The group maintains its focus on debt restructuring efforts and recently received approval-in-principle for a proposed scheme.

Sapura Energy’s shares closed at 4.5 sen, down 0.5 sen or 10%, reflecting market capitalisation of RM744.23 million. — TMR