Premier Oil PLC - oil and gas company with operations in countries including Mexico, the UK, Vietnam, and Brazil - Says its creditors have approved restructuring plan needed for the merger with Harbour Energy's UK operating firm Chrysaor, as well as the reorganisation of Premier's existing debt and cross currency swaps.
In January, Premier said once the transaction is completed, creditors will be entitled to receive their proportionate share of an upfront cash payment of USD1.23 billion, and new shares in the combined group, or a share of a further cash payment capped at USD175 million, if they choose to do so. On Monday, the company says based on the elections made by its senior creditors, the take-up under the cash-out option is expected to be less than USD175 million.
Current stock price: 24.09 pence
Year-to-date change: up 23%
By Ife Taiwo; ifetaiwo@alliancenews.com
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