SEABIRD ANNOUNCES BONDHOLDER CONSENT TO DEBT RESTRUCTURING
(Thomson Reuters ONE) -
6 June 2017, Limassol, Cyprus.
Reference is made to the stock exchange announcement from SeaBird on 26 May
2017 concerning the proposed restructuring of the SeaBird group, as further
described in said announcement.
The bondholders' meeting of the SBX04 bond issue has today unanimously approved
the proposal for the debt restructuring, pursuant to the summons therefore. The
bondholders present formed a quorum.
Following the bondholders' meeting, the Company continues its efforts to satisfy
the outstanding conditions for the proposed restructuring. Said conditions
include (i) the approval of the Restructuring at an extraordinary general
meeting of the Company; (ii) consent to the Restructuring from Glander and
subsequent execution of the same from Glander and Ordinat, (iii) that no SeaBird
group entity has entered into any insolvency procedures, whether voluntary or
involuntary; (iv) that no enforcement action have been taken by any creditors
for any material claim or bankruptcy of any SeaBird group entity; (v) that final
documentation required to implement the Restructuring, including final
documentation on revised terms with trade creditors, has been entered into; (vi)
subsequent confirmation that the abovementioned outstanding amounts under
Tranche A and Tranche B of the SBX04 bond loan and the Glander credit facility
have been irrevocably redeemed following the respective settlements; (vii) the
entry into of an amended and restated SBX04 bond agreement between the Company
and the bond trustee under the SBX04 bond agreement; and (viii) the entry into
of an exchange agreement and income distribution agreement between TGS and the
bond trustee under the SBX04 bond agreement to reflect the abovementioned
distribution of the net income from the multi-client libraries.
ABG Sundal Collier ASA and Arctic Securities AS act as financial advisors to the
Company. Advokatfirmaet Schjødt AS acts as Norwegian legal counsel to the
Company.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic
data, and associated products and services to the oil and gas industry. SeaBird
specializes in high quality operations within the high end of the source vessel
and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main
focus for the company is proprietary seismic surveys (contract seismic). Main
success criteria for the company are an unrelenting focus on Quality, Health,
Safety, Security and Environment (QHSE), combined with efficient collection of
high quality seismic data. All statements in this press release other than
statements of historical fact are forward-looking statements and are subject to
a number of risks, uncertainties and assumptions that are difficult to predict,
and are based upon assumptions as to future events that may not prove accurate.
These factors include SeaBird`s reliance on a cyclical industry and the
utilization of the company's vessels. Actual results may differ substantially
from those expected or projected in the forward-looking statements.
For further queries contact:
Christophe Debouvry
CEO SeaBird Exploration
Phone: +47 22 40 27 05
or
Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22 40 27 17
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: SeaBird Exploration Plc via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 06.06.2017 - 14:48 Uhr
Sprache: Deutsch
News-ID 546519
Anzahl Zeichen: 4135
contact information:
Town:
Oslo
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 282 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SEABIRD ANNOUNCES BONDHOLDER CONSENT TO DEBT RESTRUCTURING"
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SeaBird Exploration Plc (Nachricht senden)
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