Karachi August 24 2022: Hascol Petroleum Limited informs you that the Board of Directors of Company, in its meeting held yesterday, has approved the plan for rehabilitation of the Company through restructuring and settlement of liabilities of the Company as per proposal prepared by the management (“Rehabilitation Plan”).
The total debt of the company exceeds PKR 50 billion at period ending March 2021, the latest reported numbers by the company.
The Board has also approved the draft of letter to be sent to all secured creditors/banks/ financial institutions conveying the Rehabilitation Plan and the process intended to be followed by the Company for implementing the same i.e. through a Scheme of Arrangement to be presented to the High Court of Sindh at Karachi under Section 279-282 of the Companies Act 2017 (“Scheme”).
The Board has further given the management a go-ahead to prepare the Scheme on the basis of the Rehabilitation Plan in consultation with the transaction legal counsel and auditors / accountants engaged by the Company for such purpose and present the same for approval of the Board for submission before the relevant competent Court.
The Scheme is, however, subject to its approval by the creditors and shareholders and sanction of the competent Court as per requirement of the relevant law and requisite approvals to be obtained from competent authorities.
