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IMSK CFO files affidavit on restructuring, ‘stalled’ revitalization
By Susanna Moon
Chicago, Sept. 26 – IMSK SE, formerly I.M. Skaugen SE, filed an affidavit with a court in Singapore via its chief financial officer Bente Karin Flo giving details of why its restructuring is “no longer feasible,” as announced Sept. 24.
In summary, Flo stated, “As such, our efforts in revitalizing the business of the IMSK group and to generate consistent revenue to repay the creditors of the applicants are stalled. Given the present deadlock with the Nordea syndicate, it is difficult to see how the IMSK group would be able to progress with any of the SSLNG projects.”
Nordic Trustee AS said on Sept. 24 that I.M. Skaugen SE and its SMIPL Pte. Ltd. and IMSPL Pte. Ltd. wholly owned subsidiaries were unlikely to go ahead with their planned restructuring.
The companies’ board of directors “are now considering the available options,” according to the notice.
As reported June 28, the companies obtained approval from the High Court of Singapore to enter scheme of arrangement proceedings.
Under the order, no wind up of the scheme companies, no receiver or manager appointment, no court action and no security enforcement could be completed for a period of three months from June 28.
I.M. Skaugen said the scheme companies would submit information to the court related to the companies’ financial affairs within two weeks or six weeks of the order date.
The company said the scheme moratorium would give the companies time to implement their restructuring plan and file applications to launch a scheme of arrangement to reorganize the group’s debt and businesses.
In connection with the proposed refinancing, and in anticipation of the company’s delisting on Sept. 17 from the Oslo Stock Exchange, the issuer changed its name to IMSK SE from I.M. Skaugen SE, effective Aug. 9.
I.M. Skaugen is an Oslo-based marine transportation service company engaged in the transportation of petrochemical gases and chemicals.
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