BAKU, Azerbaijan, August 17. Kazakhstan-based Nostrum Oil & Gas company is to implement restructuring as soon as practicable, Trend reports citing the company.
The company proposed restructuring of the Group’s $725 million 8 percent Senior Notes due July 2022 and $400 million 7 percent Senior Notes due February 2025, in each case issued by Nostrum Oil & Finance B.V.
Thus, on June 20, 2022, a Scheme Convening hearing was held and the Court made an order granting the Company permission to convene the Scheme meeting.
On July 1, 2022, the Company received the necessary consents from the Kazakhstan Ministry of Energy with respect to
the issuance of new shares and warrants and (ii) the waiver of the Republic of Kazakhstan’s priority right to acquire these new shares and warrants.
“This is a condition to the successful closing of the restructuring. The Scheme meeting of creditors will take place next week on 22 August 2022. The restructuring will be implemented as soon as practicable following a planned court sanction hearing (currently scheduled after the Scheme meeting) and following the receipt of all necessary authorisations and licenses to complete the transaction,” the company said.
Thus, the Company anticipates receiving all necessary authorisations and licences required to close before or at the start of 4Q2022.
Nostrum Oil & Gas PLC is an independent oil and gas company currently engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin.
