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Signing of Forbearance Agreement
Signing of Forbearance Agreement.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0772D\n Nostrum Oil & Gas PLC\n 23 October 2020\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 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n \n \n \n \n \n \n London, 23 October 2020\n \n \n \n \n \n Signing of Forbearance Agreement\n \n \n \n \n \n Nostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or \"the Company\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, today announces that the Company and certain of its subsidiaries (the \"Note Parties\") have entered into a forbearance agreement (the \"Forbearance Agreement\") with members of an ad hoc committee of noteholders (the \"AHG\"). The forbearance period initially expires at 4 p.m. GMT on December 20, 2020 (the \"Initial Expiration Date\"), but the Initial Expiration Date is automatically extended to 4 p.m. GMT on February 18, 2021 and then again to 4 p.m. GMT on March 20, 2021 unless the Forbearance Agreement has been terminated by a majority decision of the forbearing members of the AHG. A final extension period from March 20 to May 19, 2021 requires the approval of all of the forbearing members of the AHG. \n \n \n \n \n \n Pursuant to the Forbearance Agreement, members of the AHG have agreed to forbear from the exercise of certain rights and remedies that they have under the indentures governing the \n 8.0% Senior Notes due 2022 (the \"8.0% Notes\") and 7.0% Senior Notes due 2025 (the \"7.0% Notes\" and together with the 8.0% Notes, the \"Notes\") issued by Nostrum Oil & Gas Finance B.V. The agreed forbearances \n include agreeing not to accelerate the Notes' obligations as a result of the missed interest payments (or the next missed interest period if this occurs prior to the expiry of the Forbearance Agreement).\n \n \n \n \n \n The Forbearance Agreement is subject to certain conditions, including any representation or warranty made by any of the Note Parties under the Forbearance Agreement continuing to be true and complete in all material respects a...