Premier Oil has received the necessary support from each class of its creditors for the proposed merger with Chrysaor Holdings, announced last month.
(Courtesy Premier Oil)
The FPSO BW Catcher operates at the Catcher oil field in the UK central North Sea.
Offshore staff
LONDON – Premier Oil has received the necessary support from each class of its creditors for the proposed merger with Chrysaor Holdings, announced last month.
This includes the reorganization of Premier’s existing finance arrangements with the creditors concerned entering into a binding support letter.
Under the support letter the creditors have irrevocably undertaken to vote in favor of the Court-approved restructuring plans, and agreed to waive Premier’s financial covenants until the transaction has been completed.
