Hurricane Energy eyes meeting for convertibles holders to vote on restructuring

By Wendy Van Sickle

Columbus, Ohio, May 13 – Hurricane Energy plc is seeking court approval to hold a virtual meeting for holders of its $230 million of 7.5% convertible bonds due 2022 to vote on a restructuring plan, according to a news release.

The company expects to hold the meeting on June 4. The restructuring plan would require the support of at least 75% by value of the bondholders present.

If the restructuring plan is not approved at the meeting or if it is not sanctioned by the High Court of Justice in London, the restructuring will not be able to be implemented and there would likely be a controlled wind-down of the group’s operations followed by an insolvent liquidation of the company.

On April 30, Hurricane entered into a lock-up agreement with an ad hoc group of bondholders.

The lock-up agreement has been executed or acceded to by entities holding about 83.25% by value of the convertibles.

Bondholders who are not members of the ad hoc committee may contact Lucid Issuer Services Ltd. (hurricane@lucid-is.com) as information agent for details on how to accede to the lock-up agreement.

Houlihan Lokey is the financial adviser for the ad hoc group.

Hurricane Energy is a Godalming, United Kingdom-based oil and gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.