KS Energy clarifies debt to OCBC was less than US$230 million; Kris Wiluan says he resigned to 'focus on his defence'

SINGAPORE - Beleaguered offshore marine company KS Energy has clarified on Monday that a debt owed to OCBC Bank by its subsidiary KS Drilling was lower than US$230 million, as previously reported.

The statement also addressed the recent resignation of Kris Wiluan, KS Energy's former chairman, chief executive and director, who is facing 112 charges for alleged market rigging and false trading. "Like all companies in the offshore and marine sector, KS Energy is facing unprecedented challenges from the devastating impact of Covid-19 on the global economy," the older businessman said.

KS Energy, in a filing to the Singapore Exchange on Wednesday , said that, with the letters of demand, the company"is unable to reasonably assess its financial position".

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KS Energy says OCBC's demand is for guarantee of US$150m under unit's term loan, S$5m bridging loanOFFSHORE and marine firm KS Energy has clarified that a demand from OCBC Bank to the company for a term loan owed by its 80.09 per cent-owned subsidiary KS Drilling (KSDL) is for less than US$230 million, and that the term loan is secured by various assets. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

KS Energy says OCBC's demand is for guarantee of US$150m under unit's term loan, S$5m bridging loanOFFSHORE and marine firm KS Energy has clarified that a demand from OCBC Bank to the company for a term loan owed by its 80.09 per cent-owned subsidiary KS Drilling (KSDL) is for less than US$230 million, and that the term loan is secured by various assets. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »