(Alliance News) - Nostrum Oil & Gas PLC on Tuesday said it has further extended the expiry of its current forbearance agreement.
The exploration and production company, which operates in the Caspian Basin area in eastern Europe, entered forbearance talks back in August 2020 after failing to pay interest due on its 8.0% senior notes due 2022 and 7.0% senior notes due 2025.
It then struck a deal in October 2020. At the time, Nostrum said the forbearances included agreeing not to accelerate the notes' obligations as a result of the missed interest payments.
Since then the expiry of the forbearance has been extended several times. It was due to expire on Tuesday, but has now been extended to October 19.
The stock was trading 4.0% higher in London on Tuesday at 9.98 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Nostrum Oil&gas (NOG)