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Hascol’s worst problems are behind it, says boss after further debt restructuring steps announced – marketsMEERI News

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Hascol Petroleum Limited (Haskol) chairman Sir Alan Duncan has expressed confidence about the company’s future after OMC announced further steps towards restructuring its debts.

According to a press release issued on Tuesday, Hascol Petroleum approved further details of its debt restructuring with its bankers at a board meeting held on March 13 and approved a business model “that sets it on a strong path to be successful in the future”. .

“We are making excellent progress with our banks and are grateful for their cooperation,” Duncan said.

“We are confident that Hascol’s worst problems are behind it and the future for the company is starting to look much brighter,” he added.

The company announced on Monday that its board has approved certain amendments to the Scheme of Arrangement (SoA) which have been agreed in principle with most of its banks.

“The company will reconvene the meeting of creditors scheduled to be held during April to present the amended scheme to its secured creditors for the necessary approval. It will then be submitted to the High Court and, if agreed under the necessary legal process, will bind the company and its bankers into a new financial structure,” the statement said.

The company is in talks with all its lenders to restructure its entire Rs54 billion debt and has designed a restructuring scheme that will see the entire debt settled.

“The restructuring aims to ensure the company’s survival,” the company said.

In January last year, the Federal Investigation Agency arrested Mumtaz Hasan, founder of Hascol Petroleum Limited, as part of its probe into an alleged Rs 54 billion fraud.

“FIA Commercial Banking has registered a case against 30 suspects – including former and current officials of National Bank of Pakistan and Hascol – and one suspect has been arrested after evidence came to light in the bank’s default investigation, financial fraud. and money laundering of more than Rs 54 billion by Hascol Petroleum Company,” the FIA ​​said in a statement at the time.

Last month, Hascol’s board authorized Chief Financial Officer Amad Uddin to act as Chief Executive Officer (CEO) after a trial judge denied the bail applications of CEO Aqeel Ahmed Khan along with others.


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