KUALA LUMPUR (March 1): Sapura Energy Bhd said a Mexican unit of the group has been declared bankrupt, after it had failed to restructure its debts with creditors within the stipulated time frame given by a court in that country.
The unit, Sapura Energy Mexicana Sociedad Anónima Promotora de Inversión de Capital Variable (SEM), is a wholly owned subsidiary of Sapura Offshore Sdn Bhd and SapuraMex Pte Ltd, which are both ultimately wholly owned subsidiaries of Sapura Energy.
The order was made by the Second District Insolvency Court with residence in Mexico City and jurisdiction throughout Mexico, said Sapura Energy in an exchange filing on Friday.
It said SEM had filed for a restructuring on Dec 19, 2022. By a judgement dated April…
