October 13th, 2016 
Holly Birkett Asia, Finance and Insurance, Offshore 0 comments
Malaysian oil and gas company Perisai Petroleum Teknologi has declared itself insolvent and has been classified as a Practice Note 17 (PN17) company.
On Tuesday, the company disclosed it is unable to pay the principal and interest of the S$125m ($91.9m) bond issued by its subsidiary Perisai Capital (L).
A PN17 company is one that is listed on the Bursa Malaysia exchange but is suffering from financial difficulties. Its shareholders funds are less than 25% of its total paid-up capital, and receivers may have been appointed to take control of the companys assets.
In order to …
Read the full article at: http://splash247.com/perisai-petroleum-says-insolvent/
