Brief: ShaMaran Petroleum Says Agreement Has Been Reached For Proposal Between Co & Ad HOC Committee

ShaMaran Petroleum

25/06/2020 23:03

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

Source text for Eikon:  ID:nCNWSxMBKa 
Further company coverage:  SNM.V 

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