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BRIEF-ShaMaran Petroleum Says Agreement Has Been Reached For Proposal Between Co & Ad HOC Committee

Published 2020-06-25, 06:03 p/m
© Reuters.
SNM
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June 25 (Reuters) - ShaMaran Petroleum Corp SNM.V :

* SHAMARAN PETROLEUM - AGREEMENT HAS BEEN REACHED FOR PROPOSAL BETWEEN CO & AD HOC COMMITTEE

* SHAMARAN PETROLEUM - AS OF JUNE 25, AHC HAS INFORMED CO THAT OVER TWO THIRDS OF HOLDERS OF OUTSTANDING BONDS HAVE INDICATED THEY WILL SUPPORT PROPOSAL

* SHAMARAN - PROPOSAL INCLUDES $11.4 MILLION OF AMOUNTS CREDITED TO DSRA TO BE USED BY CO TO PAY INTEREST ON BONDS DUE NEXT INTEREST PAYMENT DATE IN JULY

* SHAMARAN PETROLEUM - PROPOSAL INCLUDES RESIDUAL $11.4 MILLION TO REMAIN IN DSRA TO PROVIDE CREDIT SUPPORT FOR FUTURE PAYMENT OBLIGATIONS UNDER BOND TERMS

* SHAMARAN PETROLEUM - PROPOSAL INCLUDES TEMPORARY WAIVER UNTIL JULY 5, 2021 TO BE GRANTED FOR EXISTING BREACH OF FINANCIAL COVENANT RELATING TO EQUITY RATIO

* SHAMARAN PETROLEUM - CO'S OBLIGATIONS TO MAKE $15 MILLION AMORTIZATION PAYMENT DUE ON JULY 5 WILL BE DEFERRED UNTIL DEC. 5, 2021

* SHAMARAN PETROLEUM - HAS DETERMINED TO DEFER 2020 ANNUAL GENERAL MEETING UNTIL SECOND HALF OF YEAR

* SHAMARAN PETROLEUM - 2020 ANNUAL GENERAL MEETING WILL BE HELD ON NOVEMBER 13, 2020

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