Business
Issuance of Practice Statement Letter
Issuance of Practice Statement Letter.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\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 London, 11 May 2022\n \n \n \n \n \n \n \n \n \n \n \n Issuance of Practice Statement Letter\n \n \n \n Nostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or the \"Company\" and together with its subsidiaries, the \"Group\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, \n today provides a further update on the ongoing restructuring of the Group's US$725 million 8.0% Senior Notes due July 2022 and US$400 million 7.0% Senior Notes due February 2025, in each case issued by Nostrum Oil & Finance B.V. (the \"Notes\").\n \n \n Following the announcements made on 23 December 2021 in respect of the Lock-Up Agreement dated 23 December 2021, and on 29 April 2022 regarding the approval of the Restructuring by the Company's shareholders in the General Meeting, Nostrum is pleased to announce that it has\n today launched a scheme of arrangement (the \"Scheme\") via the issuance of a practice statement letter (the \"Practice Statement Letter\" or \"PSL\") addressed to, among others, the Scheme Creditors (as defined in the PSL).\n \n \n The Company is proposing the Scheme in order to implement the proposed financial restructuring (the \"Restructuring\" ) of the Group in the manner described and contemplated in the Lock-Up Agreement. \n \n \n Further details regarding the Scheme and the Restructuring are contained in the PSL and in the Lock-Up Agreement.\n \n \n The Lock-Up Agreement is available to the Scheme Creditors only and can be accessed via the Scheme Portal (accessible via the Scheme website at\n \n \n https://glas.agency/investor_reporting/nostrum-oil-gas-plc/\n \n \n ).\n \n \n Scheme Creditors that have questions in relation to the PSL or the Scheme may contact GLAS Specialist Services Limited as Information Agent appointed by the Company, using the contact details below.\n \n \n \n \n \n LEI:\n 2138007VWEP4MM3J8B29\n \n \n \n \n \n \n Further information\n \n \n \n For further information please visit\n \n www.nog.co.uk\n \n \n \n \n \n \n \n Further ...