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Shamaran Announces Issuance of Summons to Its Bondholders
Shamaran Announces Issuance of Summons to Its Bondholders Canada NewsWire ...
About this update from Shamaran Petroleum Corp.
[{"type":"text","content":"\n \n \n \n Shamaran Announces Issuance of Summons to Its Bondholders\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Jan. 12, 2021\n \n /CNW/ -\n \n ShaMaran Petroleum Corp.\n \n (\"ShaMaran\" or the \"Company\") (TSXV: SNM) (Nasdaq First North Growth Market: SNM) is pleased to announce the issuance today of a Summons for Written Resolution from Nordic Trust AS as Bond Trustee to all Bondholders of the Company's 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) (the \"Bonds\") setting out the details of the Proposal (set forth below) with a voting period ending on\n \n January 26, 2021\n \n .\n \n View PDF version\n \n .\n \n \n \n DISCUSSIONS WITH BONDHOLDERS\n \n \n \n The Company has been in discussions with the informal Ad Hoc Committee representing approximately more than 50% of the Bondholders (the \"AHC\") to amend the cash sweep mechanism agreed in the\n \n July 2020\n \n amended and restated bond terms to better utilize its \"free cash\" to buy back its Bonds in the market and today is pleased to report that an agreement has been reached for the Proposal (set forth below) between the Company and the AHC. Implementation of the Proposal, which is subject to approval by the holders of 66 2/3% of the Bonds, will enable the Company to further reduce its debt obligations on commercially attractive terms as and when they exist in the market.\n \n \n Dr.\n \n Adel Chaouch\n \n , President and Chief Executive Officer of ShaMaran commented, \"We are pleased that 2021 has begun with another positive result for ShaMaran with this constructive engagement with the AHC on behalf of the Bondholders resulting in the Proposal that provides ShaMaran future flexibility to strengthen the financial position of the Company.\"\n \n \n \n Key terms of the Proposal to the Bondholders that was agreed between the Company and the AHC are that \"free cash\" in excess of\n \n USD 15 million\n \n can be used by the Company to buy back its Bonds in the market to satisfy the cash sweep redemption requirement that wa...