21st Jul 2021 12:07
(Alliance News) - Nostrum Oil & Gas PLC on Wednesday announced that an agreement had been reached with all members of the noteholder group to extend the forbearance agreement until August 25.
The London-based exploration and production company operates in the Caspian Basin area in eastern Europe. Back in May it entered into a second forbearance agreement with members of an informal committee of noteholders, which was due to expire on June 21 before being extended by an extra month.
In connection with the extension of the forbearance agreement, Nostrum will pay an amount of USD1.1 million of the outstanding notes.
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 company said that restructuring continues and it will make further announcements when required.
Nostrum Oil & Gas shares remain untraded at 11.45 pence in London on Wednesday.
By Will Paige; [email protected]
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