Gold rally may be losing steam but no major correction seen: DB
LONDON - Nostrum Oil & Gas Finance B.V., a wholly-owned subsidiary of Nostrum Oil & Gas PLC, announced Monday that noteholders have approved a resolution regarding an interest payment default on its senior unsecured notes.
The company had failed to make an interest payment due by June 30, 2025, on its outstanding notes with ISIN USN64884AF16, US66978CAF95, USN64884AE41 and US66978CAD48, which triggered an "Event of Default" under the notes’ terms and conditions.
At an adjourned noteholders meeting, the company secured the required quorum with representation from holders of more than 50 percent of the aggregate principal amount of outstanding notes. The Extraordinary Resolution passed with approval from more than 75 percent of votes cast at the meeting.
Following the successful vote, Nostrum will execute the Supplemental Trust Deed related to both senior secured and senior unsecured notes, and make consent payments to noteholders who supported the resolution.
The company attributed the missed payment to "third party issues" that delayed the interest payment, according to the press release statement.
Nostrum Oil & Gas did not disclose the specific amount of the missed interest payment or provide details about the terms of the resolution approved by noteholders.
The consent solicitation results announcement is available on the company’s website, with the company expressing gratitude to noteholders for their "support and participation" in resolving the payment issue.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.