Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/ruspetro-announces-proposed-debt-restructuring-and.shtmlRusPetro announces proposed debt restructuring and refinancing
The Directors of Ruspetro announce the terms of Ruspetro's proposed Restructuring. The principal components of the Restructuring comprise:
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The Directors of Ruspetro announce the terms of Ruspetro's proposed Restructuring. The principal components of the Restructuring comprise:
• The refinancing of approximately US$337.2 million of existing debt and the cancellation of the existing Put Option over the Company's shares for £12.6 million (approximately US$20.2 million). This will be satisfied in part through: ◦ the issue of such number of New Ordinary Shares to Mastin Holdings Limited, a company beneficially owned by Sergey Gordeev, the President and a major shareholder of PIK Group, as represents 25.0 per cent. of the Company's Enlarged Share Capital; and ◦ a US$150.0 million five year term New Facility to be provided by "Bank Otkritie Financial Corporation" (Open Joint Stock Company), a leading Russian private financial institution.
