Business
Successful Completion of Debt Restructuring & TVR
Successful Completion of Debt Restructuring & TVR.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9625T\n Echo Energy PLC\n 30 March 2021\n \n \n \n \n 30 March 2021\n \n \n \n \n \n Echo Energy plc\n \n \n (\"Echo\" or \"the Company\") \n \n \n \n Successful Completion of Debt Restructuring\n \n \n \n \n \n Total Voting Rights\n \n \n \n Echo Energy, the Latin American focused upstream oil and gas company, is delighted to announce that at the adjourned meeting of the holders of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the \"Notes\") held earlier today (the \"Noteholder Meeting\") to consider the Company's proposals for the restructuring of the Notes (the \"Proposals\"), the Proposals were duly approved by the requisite majority.\n \n At the Noteholder Meeting voting instructions representing EUR 12.5m of the Notes were lodged by holders of the Notes (\"Noteholders\") with 84 per cent. of votes cast in favour of the Proposals. As a result:\n \n \n \n \n · \n Maturity of the Notes will be extended by three years to 15 May 2025 (the \"Maturity Date\"); and\n \n \n \n \n \n · \n All cash interest payments on the Notes rolled to the Maturity Date.\n \n \n Further details of the Proposals were set out in the Company's announcement of 22 February 2021.\n \n As a result of Noteholder approval of the Proposals, the previously announced conditional restructuring of the Company's EUR 5.0m 8.0% secured convertible debt facility (the \"Debt Facility\"), details of which were announced by the Company on 1 December 2020, will now also become effective. \n \n \n \n \n The restructuring of the Debt Facility will, inter alia, see its final maturity extended to April 2025, with no \n further cash interest payments required prior to final maturity. \n \n \n Martin Hull, Echo's Chief Executive Officer, commented:\n \n \"I am delighted that Echo has now successfully completed the restructuring of its debt obligations. The new arrangements result in no cash payments to Noteholders until maturity in 2025. This enables the Board to focus on rapidly delivering on its strategy to improve shareholder returns. \n Commodity price strength, including the very material increases in gas price recently announced, combined with the more than doubling of oil production following the ongoing infrastructure upgrades,...