Kazakhstan’s Nostrum Oil extends forbearance agreement again

By Rebecca Melvin

Concord, N.H., Dec. 17 – Nostrum Oil & Gas plc was granted another extension of its current forbearance agreement by all members of the informal ad hoc committee noteholder group, according to an announcement on Friday.

The agreement has been extended to 6:59 p.m. ET on Dec. 24 from 6:59 p.m. ET on Dec. 7.

The company states that its restructuring is progressing and further announcements will be made when appropriate.

As previously reported, the forbearance agreement relates to the company’s 8% senior notes due 2022 and 7% senior notes due 2025. Under the agreement, noteholders will not exercise their rights and remedies under the indentures governing the notes issued by Nostrum Oil & Gas Finance BV.

Nostrum is an oil and gas company with operations in Kazakhstan and offices in London and Amsterdam.

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