March 14, 2023 (MLN): Hascol Petroleum Limited (PSX: HASCOL), one of the leading oil marketing companies in Pakistan has taken significant steps towards restructuring its debts and securing a sustainable future for the company, the company in a press statement revealed today.
At its recent board meeting, the company approved further details for debt restructuring with its bankers and a new business model that will set it on a strong path toward future success.
The board also approved certain amendments to the Scheme of Arrangement, which has been agreed upon with most of its banks.
HASCOL has been in negotiations with all its lenders to restructure its entire debt of Rs54 billion, aiming to settle the full amount to the satisfaction of lenders. The restructuring scheme is designed to ensure the company's survival and prosperity in the future.
The modified scheme will be presented to secured creditors at a creditors' meeting in April, after which it will be submitted to the High Court for legal approval.
If agreed upon, it will bind the company and its bankers to a new financial structure.
Chairman Sir Alan Duncan expressed confidence that Hascol's worst problems are behind it, and the future for the company is beginning to look a lot brighter.
The Pakistan Stock Exchange (PSX) has been advised accordingly.
HASCOL's recent developments are a positive sign for the company and the oil and gas sector in Pakistan.
The company's efforts to restructure its debts and adopt a new business model show its commitment to overcoming challenges and securing a sustainable future.
