MAY 31, 2018 — Oslo, Norway, headquartered I.M. Skaugen SE (IMS) and two wholly owned subsidiaries today filed applications in the Singapore High Court for a moratorium on creditors’ claims to commence the reorganization of liabilities and businesses of the companies,
The company says the moratorium will provide “much-needed space and time for the IMS Scheme Companies to complete their business transformation from seaborne transportation of LPG/Petrochemicals to regional distribution of LNG through its unique fast- track, low capex Small Scale LNG concepts; target areas for growth and pursue new business opportunities; and focus on the ongoing discussions with strategic investors.”
IMS presented a restructuring plan on April 4, 2018 which, it says, had the support from most of its stakeholders. IMS is now seeking the assistance of the Singapore courts to complete this plan. It says that the restructuring plan, if implemented, is in line with IMS’ wishes to be in a position to be able to pay its liabilities in full with its upcoming cash flow matching an amended amortization schedule of its liabilities. To achieve this, IMS will need the assistance of the Singapore Court through the scheme of arrangement process.