Sequa Petroleum N.V. commences liquidation of its 100% Norwegian subsidiary (Tellus)
(Thomson Reuters ONE) -
Sequa Petroleum N.V. (the "Company") today announces that consultation
procedures with Tellus Petroleum AS ("Tellus") employee representatives have
concluded and Tellus board and shareholder meetings have resolved to commence
the Tellus liquidation process in accordance with the Norwegian Companies Act.
As stated in the Company's press release of 9 February 2017, the cessation of
its business in Norway, now followed by the commencement of liquidation,
constitutes under article 10 (g) of the Terms and Conditions of the Bonds a
potential default of the Bonds.
The Company expects this potential default, together with the potential default
related to the outstanding Q4 2016 Bond coupon as stated in the Company's press
release of 14 November 2016, to be resolved with Sapinda's support as the
Company understands that the required majority of the Bonds is held by Sapinda
and affiliates.
While amounts received to date have not matched the timing or quantum requested,
the Company currently expects to be able to draw sufficient funds from its
convertible loan facilities with Sapinda Invest Sarl and Sapinda Asia Limited to
enable it to continue to trade and complete the liquidation of Tellus.
The net funds expected from the repatriation of liquidated assets together with
debt restructuring and possibly new equity and/or debt funds will enable the
Company to progress selected high quality appropriately sized acquisition
targets of production and development assets elsewhere that are value-accretive
and provide cash flow.
Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info(at)sequa-petroleum.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sequa Petroleum NV via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 17.03.2017 - 08:01 Uhr
Sprache: Deutsch
News-ID 530879
Anzahl Zeichen: 2263
contact information:
Town:
London
Kategorie:
Business News
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"Sequa Petroleum N.V. commences liquidation of its 100% Norwegian subsidiary (Tellus)"
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