Nostrum Oil’s restructuring scheme effective as of Aug. 31

Chicago, Sept. 6 – Nostrum Oil & Gas plc said the scheme relating to its proposed restructuring has been sanctioned by the court at a hearing held on Aug. 26, according to an announcement.

The scheme took effect on Aug. 31.

It had earlier been announced that it has been approved by the requisite majority of creditors.

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.

Under the scheme standstill, noteholders are restricted from taking enforcement action.

The terms of the restricting will now be implemented if and when each of the restructuring conditions is satisfied or waived.

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

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