Premier Oil said today that its creditors have backed its proposed merger with Chrysaor and reorganisation of its finance arrangements.
The firm said creditors had “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.
Premier intends to launch the restructuring plan processes through the issuance of a practice statement letter, immediately after the prospectus for the transaction is published, anticipated by the end of 2020.
The transaction is expected to complete by the end of Q1 2021.
Announcing the proposed merger on October 6, Premier said around 43% of creditors had entered into a support letter.
But it needed to raise support to 75% by November 3, or the letter would terminate.