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(Alliance News) - Nostrum Oil & Gas PLC on Tuesday said it has received approval to extend the expiry date of its forbearance agreement with informal ad hoc noteholder group AHG to May 20.
The exploration and production company operating in the Caspian Basin area in eastern Europe received approval last month to extend the expiry date to Tuesday from March 20.
Nostrum originally entered the forbearance agreement back in October. The deal involves the noteholders agreeing not to exercise some rights and remedies that they have under the indentures governing the 8.0% senior notes due 2022 and 7.0% senior notes due 2025.
Shares in Nostrum were down 4.9% at 8.00 pence in London on Tuesday morning, having risen to 9.70p earlier.
Nostrum said in October that the agreed forbearances include agreeing not to accelerate the notes' obligations as a result of the missed interest payments.
The forbearance period initially expired on December 20, 2020, after which it was automatically extended to February 18, and then again to March 20.
"The restructuring work is progressing, and the company will make further announcements when appropriate," said Nostrum on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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