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Confirmation of sanction of Scheme of Arrangement

16 Nov 2016 15:43

RNS Number : 3757P
EnQuest PLC
16 November 2016
 

ENQUEST PLC, 16 November 2016

 

Confirmation of sanction of the Scheme of Arrangement

 

US$650,000,000 7 per cent. Senior Notes due 2022 (CUSIP: Rule 144A Notes: 29357JAA4;

Regulation S Notes G315APAB4; ISIN: Rule 144A Notes US29357JAA43; Regulation S Notes

USG315APAB40) (the "High Yield Notes")

 

and

 

£155,000,000 5.50 per cent. Notes due 2022 (XS0880578728, Common Code: 088057872)

(the "Retail Notes")

 

(the High Yield Notes and Retail Notes together, the "Notes")

 

Further to the announcement issued by the Company on 15 November 2016, the Company is pleased to announce that the Scheme in connection with the Company's Notes was sanctioned by the High Court of Justice of England and Wales at the Scheme Sanction Hearing which took place before the Honourable Mr Justice Hildyard at 11 a.m. (London time) on 16 November 2016.

 

A copy of the Court Order sanctioning the Scheme has also been delivered to, and acknowledged by, the Registrar of Companies in England and Wales.

 

Successful completion of the Scheme is now conditional on the Company obtaining recognition of the Scheme under chapter 15 of Title 11 of the United States Code and the Scheme otherwise becoming unconditional in accordance with its terms. As noted in previous announcements, each of the elements of the Restructuring (of which the Scheme is an integral part) are inter-conditional, meaning that the Scheme will only become effective if each of the other elements of the Restructuring are approved and / or completed.

 

As noted in the announcement dated 26 October 2016, the Recognition Hearing before the United States Bankruptcy Court of the Southern District of New York to consider granting recognition of the Scheme under chapter 15 of title 11 of the United States Code will take place at 11:00 a.m. (New York time) on 17 November 2016 in Room 617 of the Court, One Bowling Green, New York, New York.

 

Capitalised terms used but not defined in this announcement have the meaning given to them in the Practice Statement Letter.

 

 

Enquiries:

Information Agent:

 

Lucid Issuer Services Limited

 

David Shilson

 

Email: enquest@lucid-is.com

Telephone: +44 (0) 20 7704 0880

Scheme Website: www.lucid-is.com/enquest

   

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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