Singapore-based KrisEnergy, an oil and gas firm with a focus on the Southeast Asian market, has submitted a winding-up petition and will be liquidated due to its inability to repay its debts. The decision was made because the company’s liabilities had outgrown its assets. There are also few viable alternative restructuring options and little chance of receiving new money in the near future.
To recovered from low revenue in 2019, the company had devised a restructuring plan and purchased the Apsara oil field in Cambodian oil concession Block A in December 2020. This investment was expected to generate the cashflow needed to fund ongoing operations of KrisEnergy. However, output from the field was below expectations and the restructuring plan was scrapped due to low recovery and cashflow from the company’s key assets.
