(Alliance News) - Nostrum Oil & Gas PLC on Monday said it received approval to extend the expiry date of its forbearance agreement with informal ad hoc noteholder group AHG to April 20 from March 20.
The exploration and production company operating in the Caspian Basin area in eastern Europe entered the forbearance agreement 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.
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.
Shares in Nostrum Oil & Gas were down 3.6% at 9.01 pence in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
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Nostrum Oil&gas (NOG)