Transeuro gets holder OK to make interest payment on 12% convertibles

By Susanna Moon

Chicago, July 16 – Transeuro Energy Corp. said that holders approved the proposal for its 12% senior secured convertible bonds due 2015 at a meeting held on Wednesday.

There were enough bondholders to form a quorum, and the proposed measure received 100% of the votes, according to a notice by Nordic Trustee ASA.

The company said on July 2 that it was asking holders to allow the company to make the interest payment on the bonds that was due on May 22.

Specifically, Transeuro said the summons for the July 16 bondholders’ meeting included a standstill proposal that gives the company time to conclude transactions related to its assets and to receive payment from those transactions.

The funds received should allow Transeuro to make the interest payment and other payments to resume share trading on the TSX Venture Exchange and the Oslo Stock Exchange.

The bonds were issued in 2012.

Transeuro Energy is a junior oil and gas exploration company based in Calgary, Alta.

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