LONDON (Alliance News) - Endeavour International Corp Monday said a US court has granted its proposal to prevent noteholders from transferring company stock and transfers of claims against its debtors.
Endeavour said the move will apply to people who are, or as a result of a transfer, owners of 4.75% or more of outstanding shares in the company. It also applies to holders of substantial claims against its notes.
Earlier this month, the company, which is attempting to restructure its debt related to a Chapter 11 bankruptcy filing in the US, extended its forebearance agreements with some noteholders for a further day. Under the agreement, the noteholders agreed not to exercise remedies to try and get the payments out of the company.
Endeavour shares were untraded on Monday. The stock last traded at 0.4725 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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