CR-2025-001156 - [2025] EWHC 2129 (Ch)

BMK’s claim under the MOL Intercompany Loan for approximately US$63.79m; and

BMK’s claim under the MOSA Intercompany Loan for approximately US$604.33m.

There is also a large intercompany loan balance due from MOSA to MOL. According to the Plan documentation, the amount outstanding is approximately US$203.19m.

Against that background, MOL says that the Group is in clear financial distress, with MOSA generating insufficient revenue to cover its operational costs, let alone service the debt either at MOSA or MOL level. MOL says that the survival of the Group, including making up the revenue shortfall to pay operational costs, is currently dependent on BMK’s ad hoc funding, increasing the debt due under the Intercompany Loans. However, Mr Njoo has confirmed that its present funding of MOSA’s operational expenses is temporary and that it will cease all funding to the Group in its present form if the Plan is not sanctioned because the Group’s debt capital structure will remain unsustainable in that situation. Mr Charters of Grant Thornton explains in his RA report that:-

BMK has confirmed to the Plan Company that it is no longer prepared to provide unconditional funding to the Plan Company or MOSA if the Plan is not sanctioned. BMK has also confirmed that it only intends to fund the costs associated with an eventual liquidation of MOL which may arise if it ceases to provide any funding to MOL.

Whilst I am conscious that BMK may perhaps be motivated to make this statement simply to assist the Plan Company in furthering its objectives under the Plan, I have no evidence to suggest it is untrue, and in my professional judgment it is not an unreasonable position for BMK to adopt given the financial position of the Plan Company and MOSA and the Guarantee Liabilities owed to Outrider by the Plan Company and MOSA.”