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    SeaBird planning debt restructuring

    Company News // May 30, 2017

    SeaBird Exploration Plc is proposing to its bondholders and certain of its other creditors a debt restructuring of the SeaBird group that, if successfully completed, will facilitate a comprehensive restructuring of the group's balance sheet.

    Following the restructuring debt in Seabird will be reduced by US$22 million and lease obligations will be reduced by US$10.4 million. The  remaining debt under the SBX04 bond loan and the Glander credit facility will be a total of USD 5.0 million and the remaining lease obligations (payable in kind until maturity) will be US$2.4 million.

    Completion of the restructuring is subject to the satisfaction of a number of outstanding conditions outside of the control of the company, which says that constructive discussions have been held over a significant period of time between the company and its restructuring advisors, and a significant number of the stakeholders whose consent to the restructuring are required. 

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