Southern Energy gets approval to amend 8% convertibles, including two-year extension

By Wendy Van Sickle

Columbus, Ohio, June 28 – Southern Energy Corp. has received an extraordinary resolution from the holders of its outstanding 8% convertible unsecured subordinated debentures approving certain amendments to the indenture, according to a news release.

	The amendments will extend the maturity date of the debentures by two years to	June 30, 2024; decrease the conversion price	to	C$0.10 from	C$0.125; and allow the company to satisfy its obligation to pay interest on the debentures by, among other things, delivering freely tradeable common shares in the capital of the company for distribution as a payment in-kind.
	Southern Energy is an oil and natural gas exploration and production company based in Calgary, Alta.

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