Premier Oil creditors support merger with Chrysaor
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
Under the support letter the creditors have, among other things, irrevocably undertaken to vote in favour of the Court-approved restructuring plans, and have agreed to waive Premier’s financial covenants until completion of the Transaction. As such, the merger agreement between Premier, Harbour, funds managed by EIG and Chrysaor has been released from escrow.
Premier will launch the restructuring plan processes through the issuance of a practice statement letter, immediately after the Prospectus for the Transaction is published, which is currently anticipated by the end of 2020. The Transaction is expected to complete by the end of 1Q21.
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Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/03112020/premier-oil-creditors-support-merger-with-chrysaor/
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