Brief: Krisenergy clarifies terms of the consent solicitation and financial restructuring

KrisEnergy

24/11/2016 10:14

Nov 24 (Reuters) - Krisenergy Ltd  KRIS.SI  
    * Krisenergy clarifies terms of the consent solicitation and 
financial restructuring 
    * Company is also aware of certain views expressed regarding 
financial restructuring process 
    * Company has sought feedback of noteholders and has taken 
into account views from noteholders 
    * Terms and conditions of consent solicitation are final as 
set forth in consent solicitation statement dated 17 november 
2016 
    * It has support of its lenders through restructuring of 
company's revolving credit facility 
    * Consent solicitation is one component of proposed 
restructuring 
    * Aware of certain views expressed regarding financial 
restructuring process and terms and conditions of consent 
solicitation exercise launched on 17 Nov 2016 
    * Company believes proposed restructuring offers only option 
available to preserve value for all stakeholders 
    * Reiterates that "if extraordinary resolutions do not pass, 
issuer will face risk of default on existing notes" 
    * Ability to pay 2017 notes interest payment is dependent 
upon gaining access to US$35mm of bridge commitments provided by 
RCF lender 
    * Consent solicitation approval is required by 9 dec 2016 in 
order for company to access bridge commitments to pay interest 
payment due on 9 dec 2016 in respect of 2017 notes 
    * If proposed restructuring is not successfully implemented; 
company may not be able to operate and meet its various 
commitments 
    * Non-Payment of coupon is an event of default which will 
lead to cross default on group's other indebtedness 
 
Source text for Eikon:  ID:nSNZ7Lfgls  
Further company coverage:  KRIS.SI  
 
 (Bengaluru Newsroom; +1 646 223 8780; )