SeaBird Exploration trustee to extend bond payment grace period

By Caroline Salls

Pittsburgh, Nov. 23 - SeaBird Exploration plc bond trustee Norsk Tillitsmann ASA has granted an extension to the grace periods to make payments on the company's SBX01 and SBX02 bond agreements until the date a bondholders' meeting is held, according to a news release.

The extensions are based on the ongoing process of completing SeaBird's restructuring plan, the release said.

Interest and default interest will accrue on the bond agreements during the extension period, and a summons for a bondholders' meeting must be published by Nov. 28.

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.