(Alliance News) - On Monday, Nostrum Oil & Gas PLC reached an agreement with debt holders to extend the expiry of their forbearance agreement by one month, to July 21.
The London-based exploration and production company operating in the Caspian Basin area in eastern Europe back in May entered a second forbearance agreement with members of informal committee of noteholders, which was due to expire on Monday.
The company in May said that the second forbearance agreement included bondholders possessing over 49% of the aggregate principal amount of its 8.0% senior notes due 2022 and over 47% of its 7.0% senior notes due 2025, as issued by Nostrum Oil & Gas Finance BV. Under the terms of the agreement, the debt holders will not accelerate the notes' obligations as a consequence of certain missed interest payments.
The new agreement now expires on July 21.
The company said that restructuring continues and it will make further announcements when required.
Nostrum Oil & Gas shares were trading up 1.0% at 12.35 pence each in London on Monday.
By Scarlett Butler; scarlettbutler@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Nostrum Oil&gas (NOG)