Worldview Purchase of Petroceltic Debt

Sunny Hill, a company wholly owned by the Worldview Economic Recovery Fund (the “Economic Recovery Fund”), announced that, on 10 March 2016, the Economic Recovery Fund acquired 69.44 per cent. of the Petroceltic Group’s outstanding indebtedness in respect of the group’s Senior Bank Facility (the “Debt Facility Acquisition”) at a significant discount to face value.
As at close of business on 9 March 2016, being the latest practicable date prior to this announcement, the total amount outstanding pursuant to the Senior Bank Facility (including accrued interest) was approximately US$232.5 million.
Worldview intends to approach Petroceltic and the interim examiner with a proposal to restructure the Senior Bank Facility, as part of a wider restructuring of Petroceltic’s capital structure either pursuant to an examinership scheme of arrangement or as a standalone restructuring, which, amongst other consequences, could lead to the potential conversion of a significant proportion of the outstanding debt into new ordinary shares in the capital of Petroceltic.
Further announcements will be made in due course as and when appropriate.
Capitalised terms or expressions used in this announcement have the same meanings given to them in Sunny Hill’s announcement of 26 February 2016, unless the context requires otherwise.
Source: Petroceltic
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