Beleaguered KrisEnergy, which is undergoing debt restructuring, said yesterday that an affiliate of Rubicon Vantage International is seeking payment of about US$5.4 million (S$7.7 million).

KrisEnergy said the affiliate "has sought to make a demand" against it in relation to a parent company guarantee from KrisEnergy under an October 2014 contract.

This guarantee centres on the operations of a floating storage and offloading facility.

KrisEnergy said that after consultation with legal advisers, it believes the affiliate is not entitled to claim. "The company intends to vigorously resist and refuse any and all allegations or claims made against it."

Rubicon had earlier filed claims against KrisEnergy and a wholly owned subsidiary in Thailand in relation to a bareboat charter dated October 2014.

Its claims included a statutory demand for US$2.84 million and a letter of demand sent to KrisEnergy in August last year for the repayment of US$2.6 million from a British court judgment.

KrisEnergy said yesterday that its Thai unit has issued legal proceedings against Rubicon in Britain.

It is seeking, among other things, damages for breaches of the charter, damages for misrepresentation and an indemnity in respect of the amount awarded by the English High Court for the claims under the bareboat charter guarantee.

Last August, the Singapore High Court granted KrisEnergy a moratorium to restrain Rubicon from taking any enforcement steps, including pursuing the winding up of KrisEnergy in any jurisdiction.

This is to allow KrisEnergy an opportunity to restructure its debt obligations in a way that will be fair to all its stakeholders.

The moratorium has been extended until May 27.

Trading in KrisEnergy shares has been suspended since last August.

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