Hascol Petroleum announces rehabilitation plan

Hascol Petroleum announces rehabilitation plan

KARACHI: Hascol Petroleum Limited on Wednesday announced a rehabilitation plan for the company through settlement of liabilities.

In a communication sent to Pakistan Stock Exchange (PSX), Hascol Petroleum said that the Board of Directors of the company, in its meeting held on August 23, 2022, approved the plan for rehabilitation of the company through restructuring and settlement of liabilities of the company as per proposal prepared by the management.

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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.

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.

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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.