Seabird Exploration can't make bond payment, gets extension on another

By Caroline Salls

Pittsburgh, Nov. 9 - Seabird Exploration plc will not be in a position to pay interest due Nov. 14 under its SBX02 RET bond agreement, according to a company news release.

In addition, Norsk Tillitsmann ASA has granted an extension to Nov. 16 of the SBX01 RET payment grace period based on an ongoing due diligence process with Fugro Norway AS and restructuring dialogue with key stakeholders.

Interest and default interest will accrue on the SBX01 RET bond agreement during the extension period.

According to the release, the extension may be terminated at any time upon the receipt by the bond trustee of a written instruction from the appropriate number of the voting bonds to revoke the extension or a bondholders' meeting votes to revoke it.

Seabird provides marine seismic data and associated products and services to the oil and gas industry. It maintains offices in the British Virgin Islands, Dubai and Oslo.

© 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.