Sapura Energy Restructuring in ‘Final Stages,’ Company Says

Malaysian oil and gas contractor Sapura Energy Bhd.’s restructuring plan to restore financial stability is entering its “final stages,” according to the company’s first-quarter earnings statement.

Regulator Bursa Malaysia’s approval of the blueprint to restructure debt puts the company on a path to exit its financially distressed classification set by Malaysia’s stock exchange, the company said.

The country’s anti-graft agency said in March it was investigating the cash-strapped company, which reported a net loss in the quarter ended in April, for alleged misappropriation of funds. Prime Minister Anwar Ibrahim said that month he ordered an audit of the firm ...