I.M. Skaugen, subsidiaries deem restructuring unfeasible, scrap plans

By Susanna Moon

Chicago, Sept. 24 – I.M. Skaugen SE and its SMIPL Pte. Ltd. and IMSPL Pte. Ltd. wholly owned subsidiaries are unlikely to go ahead with their planned restructuring.

The companies think it is no longer “feasible” and the companies’ board of directors “are now considering the available options,” according to a notice by Nordic Trustee AS.

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.

I.M. Skaugen is an Oslo-based marine transportation service company engaged in the transportation of petrochemical gases and chemicals.

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