Nostrum Oil & Gas delays interest payments due to admin issues

Published 22/07/2025, 15:38
Nostrum Oil & Gas delays interest payments due to admin issues

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 on June 30, 2025, according to a company press release issued Tuesday.

The company attributed the delay to "payment administration issues" that prevent it from making payments through clearing systems without additional regulatory licenses related to sanctioned bondholders and custodians. Nostrum emphasized that the delay does not reflect any solvency or liquidity problems, stating that all funds 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 approximately $456,279,196 outstanding.

To address the situation, Nostrum plans to seek regulatory licenses and launch a consent solicitation to noteholders. The proposed measures would allow interest payments to be made outside clearing systems and waive any defaults resulting from the delayed payments.

The consent solicitation will require approval by 75% in principal amount of the notes or by 75% of those attending a quorate meeting, with each series voting separately.

The company expects the regulatory license application and approval process to take several weeks, with outcomes dependent on relevant authorities. Noteholder meetings will be scheduled with at least 21 days’ notice for initial meetings and 7 days for any adjourned meetings, though this timeline could be shortened if 75% of noteholders approve the extraordinary resolution terms.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.