Sequa Petroleum NV: Bonds Update
15 Maggio 2017 - 8:00AM
Further to its press releases of 14 November 2016,
9 February 2017 and 17 March 2017 Sequa Petroleum N.V. ("Company")
notes that a further potential default has occurred under the Bonds
of failure to pay $5.11M interest under article 10 (a) of the Terms
and Conditions of the Bonds and the failure to remedy has continued
for 14 calendar days from 1 May.
The Company expects this new
potential default and the earlier potential defaults to be resolved
with its main shareholder's support for restructuring the Company's
debt. Accordingly, the Company has received confirmation from
Sapinda that the required majority of Bonds is held by Sapinda and
affiliates.
While amounts received to date
have not matched the timing or quantum requested, the Company
currently expects to be able to draw sufficient funds from its
convertible loan facilities with Sapinda Invest Sarl and Sapinda
Asia Limited to enable it to continue to trade and complete the
liquidation of its subsidiary Tellus Petroleum AS, following
cessation of its E&P activity in Norway.
The net funds expected from the
repatriation of liquidated assets together with debt restructuring
and possibly new equity and/or debt funds will enable the Company
to progress selected high quality appropriately sized acquisition
targets of production and development assets elsewhere that are
value-accretive and provide cash flow.
Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Sequa Petroleum NV via Globenewswire
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