Up Energy obtains HK$1.2 billion credit facility for restructuring

New York, March 12 – Up Energy Development Group Ltd. has agreed a HK$1.2 billion credit facility with Integrated Capital (Asia) Ltd., according to a company announcement.

The facility will have a three-year term, and as part of the agreement Integrated Capital will be entitled to shares on the same terms as other creditors as a restructuring bonus or fee.

Up Energy said its joint provisional liquidators consider that availability of the facility will ease its liquidity challenges and facilitate the restructuring.

The facility must be approved by the Supreme Court of Bermuda and the High Court of Hong Kong.

In addition, Up Energy said that the winding up petition against the company was further adjourned to March 29 by the Supreme Court of Bermuda.

Up Energy is a Xinjiang, China, energy investment group.

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