Perisai Petroleum Teknologi fails to defer bondholder debt

Kuala Lumpur-listed offshore firm Perisai Petroleum Teknologi has failed in its request that bondholders delay the maturity of its S$125m ($91.9m) bonds due this month and in February next year. Creditors have served it with a notice of demand after Perisai defaulted on the notes due this month. The letter of demand makes the notes payable with immediate effect. Perisai said that it was seeking legal advice.

Earlier this month Perisai declared itself insolvent, saying that it could not pay the principal and interest on a bond issued by subsidiary Perisai Capital.