PREMIER Oil said today that its creditors have backed its proposed merger with Chrysaor and reorganisation of its finance arrangements.
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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.
