Prosafe SE and subsidiary company Prosafe Rigs Pte. Ltd. – Update on Financial Process
Reference is made to the earlier information provided about the ongoing financial process with the lenders, the latest in a press release dated 21 May 2021 in relation to the fixing of the hearing for Prosafe SE’s and Prosafe Rigs Pte. Ltd.’s (“PRPL“) applications for moratorium protection in Singapore (the “Moratorium Applications Hearing“) before the Singapore Court on Thursday, 27 May 2021 at 10am Singapore time.
At the Moratorium Applications Hearing held today, the Singapore Court granted Prosafe SE’s and PRPL’s applications in HC/OS 422/2021 and HC/OS 425/2021 for moratorium protection in Singapore which shall apply to any act of any person in Singapore, or within the jurisdiction of the Court, whether the act takes place in Singapore or elsewhere.
The following orders were made in respect of each application:
1. Pursuant to Section 64 of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018) (“IRDA“):
a) For a period of five (5) months from the date of the Application (i.e. 30 April 2021) or for such further period as the Court thinks fit or until further orders are made:
- no resolution for the winding up of the Applicant shall be passed;
- no appointment of a receiver or manager over any property or undertaking of the Applicant shall be made;
- no proceedings (other than proceedings under section 210 or 212 of the Companies Act, or sections 64, 66, 69 or 70 of the IRDA) whether before a court, arbitral tribunal, administrative agency or otherwise, and whether current, pending or threatened against the Applicant shall be commenced or continued, except with the leave of the Court and subject to such terms as the Court imposes;
- no execution, distress or other legal process shall be commenced, continued or levied against any property of the Applicant, except with the leave of the Court and subject to such terms as the Court imposes;
- no step shall be taken to enforce any security over any property of the Applicant, or to repossess any goods held by the Applicant under any chattels leasing agreement, hire-purchase agreement, or retention of title agreement, except with the leave of the Court and subject to such terms as the Court imposes; and
- no right of re-entry or forfeiture under any lease in respect of any premises occupied by the Applicant shall be enforced (including pursuant to Sections 18 or 18A of the Conveyancing and Law of Property Act (Cap. 61)), except with the leave of the Court and subject to such terms as the Court imposes ;
b) The Applicant be entitled to attend and make submissions at the hearing of any application(s) for leave to the Court to commence, continue, levy, or enforce any of the proceedings, or to take any steps restrained by the order in paragraph 1(a) above;
2. The order at paragraph 1(a) shall apply to any act of any person in Singapore, or within the jurisdiction of the Court, whether the act takes place in Singapore or elsewhere;
3. An officer of the company be designated as the Applicant’s Foreign Representative within the meaning of Section 101(24) of the United States Bankruptcy Code (or any jurisdiction which adopts or incorporates the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”)) and be authorised to apply for a suitable order to effectuate the terms of the application herein and such other additional relief and/or assistance in the United States of America or any other Model Law jurisdiction as appropriate;
4. The Applicant shall have liberty to apply for such further or other directions as may be necessary; and
5. The Applicant shall submit to the Court monthly management accounts and a 13-week cash flow forecast as prepared by its financial advisor and updated on a fortnightly basis, such documents to be submitted monthly. In addition, if the Applicant acquires or disposes of any property or grants security over any property, the Applicant is to submit information relating to the acquisition, disposal or grant of security to the Court not later than 14 days after the date of the acquisition, disposal or grant of security.
Prosafe SE and PRPL will make the appropriate announcements as and when there are any further material developments on the financial process and the matters above. Please monitor Prosafe SE’s website for any announcements or update on the process.
Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com
27 May 2021
For further information, please contact:
Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155
Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 51 64 25 17 / +47 478 07 813
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act