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InterOil calls together holders of 9%, 12½% bonds for July 13 meeting
By Jennifer Chiou
New York, July 2 - InterOil Exploration & Production ASA announced a July 13 meeting to present its restructuring proposal to holders of its 9% bonds with warrants and its 12½% senior unsecured callable bonds due 2010.
In March, the company said that holders of its senior secured bonds voted to allow a group of the holders to separately petition for the enforcement of the bond security.
As already reported, the trustee for the bonds, Norsk Tillitsmann ASA, solicited the consents at a bondholders' meeting on March 25. The company previously said that it thought those bondholders would not be entitled to pursue enforcement proceedings against InterOil.
InterOil already said it is approaching the end of a refinancing process in order to secure repayment of all its outstanding debt. The process, however, had been anticipated to end in April.
As previously stated, in February, bondholders approved the proposal by Norsk Tillitsmann to file a petition for bankruptcy.
The trustee's enforcement proceedings were dismissed, but an appeal was possible.
InterOil was also looking to extend the maturity of its NOK 100 million of 12½% bonds. It previously said that it was not in a position to repay the bonds until a refinancing transaction was in place.
Questions may be directed to Fredrik von Zernichow, investor relation manager (47 6751 8661 or f.zernichow@interoil.no).
InterOil is an Oslo-based exploration and production company.
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