Asia Resource Minerals PLC Singapore Court Order of Moratorium (4333S)

TIDMARMS

RNS Number : 4333S

Asia Resource Minerals PLC

07 July 2015

7 July 2015

For Immediate Release

Asia Resource Minerals plc ("ARMS" or the "Company")

Singapore Court Order of Moratorium

On 7 July 2015, the High Court of the Republic of Singapore made an order, pursuant to section 210(10) of the Companies Act (Cap. 50) of the Republic of Singapore, that a moratorium be imposed against any creditor of Berau Capital Resources Pte. Ltd ("Berau Capital") commencing or continuing any action or proceedings for the enforcement of any rights against Berau Capital, its parent company, PT Berau Coal Energy Tbk ("Berau") or the Guarantors of the 2015 Notes (each as defined below), without the consent of Berau Capital or the sanction of the Court (the "Order").

Berau Capital is a subsidiary of the Company and the issuer of the US$450 million aggregated principal amount of 12.5 per cent. guaranteed senior secured notes due 8 July 2015 which are guaranteed by, amongst others, Berau and certain subsidiaries of the Company (the "2015 Notes"). The relevant subsidiaries of the Company are PT Berau Coal, PT Armadian Tritunggal, Empire Capital Resources Pte Ltd, Winchester Investment Holdings PLC, Aries Investments Limited, Seacoast Offshore Inc., Maple Holdings Limited, PT Banua Karsa Mitra and PT Energi Bara Sarana (the "Guarantors").

The moratorium is effective immediately and shall continue in force until 4 January 2016. The Order is an important element of the note restructuring process. The moratorium granted pursuant to the Order is intended to facilitate the progression and implementation of the in-principle terms of restructuring that were previously agreed with an ad hoc committee of note holders.

The Company intends to take immediate steps to apply for recognition of the Order in the United States of America.

Further announcements will be made in due course as appropriate.

- ENDS-

For enquiries, please contact:

 
 
   Asia Resource Minerals     RLM Finsbury 
   plc 
                              Ed Simpkins / Charles 
   Sean Wade                  O'Brien 
   [phone]       [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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