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LONDON - Nostrum Oil & Gas Finance B.V., a wholly-owned subsidiary of Nostrum Oil & Gas PLC, has failed to make interest payments on its outstanding notes that were due by June 30, 2025, according to a press release statement issued Thursday.
The company attributed the delay to a "payment administration issue" that prevents it from making payments through clearing systems, rather than any solvency or liquidity concerns. The company stated that all funds required for the interest payments are available and secured.
The affected securities include USD 5.00% Senior Secured Notes due 2026 with an outstanding amount of $244,372,000 and USD 1.00%/13.00% Senior Unsecured Notes due 2026 with an outstanding amount of $456,279,196.
As of July 10, the interest payments remain unpaid. The company indicated it is working to resolve the administrative issues that are preventing payments through the clearing systems.
The notes are guaranteed by Nostrum Oil & Gas PLC and other entities within the corporate structure. The company did not provide an estimated timeline for resolving the payment issue or when noteholders can expect to receive their interest payments.
Nostrum Oil & Gas operates primarily in the oil and gas sector with operations in London and the Netherlands.
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