Nostrum Oil given regulatory nod regarding restructuring

Chicago, July 1 – Nostrum Oil & Gas plc is one step further on its proposed restructuring as the Kazakhstan Ministry of Energy has given its consent for the company to issue new shares and warrants (partially in repayment of its existing notes) and the state of Kazakhstan has waived its priority right to acquire the new shares and warrants.

The consent from the Ministry of Energy is the key regulatory consent required from Kazakhstan for the restructuring, according to an announcement.

The restructuring relates to the notes issued by Nostrum Oil & Finance BV. The group’s notes are the $725 million 8% senior notes due July 2022 and the $400 million 7% senior notes due February 2025.

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

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