Reference is made to the earlier information provided about the ongoing financial process with the lenders, the latest in a press release dated 1 September 2021 in relation to directions given by the Singapore Court regarding applications made by Prosafe SE and Prosafe Rigs Pte Ltd ("PRPL") to extend the original moratorium orders (granted by the Singapore Court on 27 May 2021) up to 31 January 2022 or such other date as the Singapore Court thinks fit in HC/SUM 3983/2021 and HC/SUM 3984/2021 (the "Moratorium Extension Applications").
At the hearing for the Moratorium Extension Applications held today, the Singapore Court granted the Moratorium Extension Applications in full, as set out below:
- Pursuant to Section 64 of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018) ("IRDA"):
- That the orders under Section 64(1) of the IRDA granted in the original moratorium orders (and reproduced at paragraphs 1 to 5 below) be extended until 31 January 2022 or until further orders are made:
- no resolution for the winding up of Prosafe SE/ PRPL shall be passed;
- no appointment of a receiver or manager over any property or undertaking of Prosafe SE/ PRPL 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 Prosafe SE/ PRPL 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 Prosafe SE/ PRPL, 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 Prosafe SE/ PRPL, or to repossess any goods held by Prosafe SE/ PRPL 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 Prosafe SE/ PRPL 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;
- Prosafe SE/ PRPL 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;
- 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;
- An officer of Prosafe SE/ PRPL be designated as the Prosafe SE/ PRPLís 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;
- Prosafe SE/ PRPL shall have liberty to apply for such further or other directions as may be necessary; and
- Prosafe SE/ PRPL 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 Prosafe SE/ PRPL acquires or disposes of any property or grants security over any property, Prosafe SE/ PRPL 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.