Business
Completion of the Restructuring
Completion of the Restructuring.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n London, 9 February 2023\n \n \n \n \n \n \n \n \n \n \n \n \n \n Completion of the Restructuring\n \n \n \n \n \n \n Nostrum Oil & Gas PLC (LSE: NOG) (\"\n \n Nostrum\n \n \", or the \"\n \n Company\n \n \" and together with its subsidiaries, the \"\n \n Group\n \n \"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, announces that it has today completed the implementation of the Restructuring initially announced on 23 December 2021 and the related lock-up and forbearance arrangements have been terminated. The Restructuring was implemented pursuant to the terms of the Scheme sanctioned by the Court on 26 August 2022.\n \n \n \n \n \n The principal elements of the Restructuring are as follows:\n \n \n ·\n exchange of a portion of the Group's legacy Notes Debt for the issuance to each Noteholder of a pro rata allocation of the New Notes, comprising US$250 million of new senior secured notes (the \"SSNs\") and US$300 million of senior unsecured notes (the \"SUNs\");\n \n \n ·\n conversion of the remainder of the Notes Debt into fully paid ordinary shares (the \"New Shares\"), resulting in the Noteholders holding 88.89% of the Enlarged Share Capital of the Company;\n \n \n · \n issuance of the New Warrants, to be held by the Warrant Trustee on behalf of the holders of the SUNs from time to time, exercisable in full by a majority of such holders upon the occurrence of certain events to increase their holding of the Company's Enlarged Share Capital to 90.00%; and\n \n \n ·\n certain new governance and cashflow arrangements.\n \n \n \n \n \n Arfan Khan, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n \n \n \n \n \"Completion of the Restructuring is an important milestone for our Group and we could not have reached this momentous occasion without the tremendous hard work and dedication of our people and advisors, ...