Petroceltic International PLC Examinership Process Update (9940X)
2016年5月12日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMPCI
RNS Number : 9940X
Petroceltic International PLC
12 May 2016
Dublin
12 May 2016
Petroceltic International Plc
Examinership Process Update
Petroceltic International Plc ("Petroceltic" or the "Company")
the international Oil and Gas exploration development and
production company, provides an update on the status of the
petition for examinership of Petroceltic and two wholly owned
subsidiary companies (the "Petition") presented to the High Court
of Ireland ("Court") on 4 March 2016.
On 4 March 2016 Sunny Hill Limited announced that Worldview EHS
International Master Fund had presented a petition to the High
Court of Ireland (the "Court") to appoint an Examiner to
Petroceltic, Petroceltic Investment Limited and Petroceltic Ain
Tsila Limited (together the "Petition Companies") and to admit such
companies to the protection of the Court pursuant to the relevant
provisions of the Companies Act 2014 of Ireland. On 8 April 2016
the Court approved the appointment of Michael McAteer of Grant
Thornton as Examiner to the Petition Companies.
The Examiner has conducted a sales and investment process which
required best and final offers, accompanied by adequate proof of
funding, to be made by early May. Following this process, the
Examiner has selected Worldview International Management Limited
SEZC ("Worldview") as the successful investor and expects to
proceed to sign an Investment Agreement over the coming days which
will result in Worldview taking control of the entire Group
including those companies outside of the examinership process. Upon
signature of this agreement, the Examiner will convene the various
meetings of shareholder and creditor classes to vote on the
proposed Scheme of Arrangement towards the end of May. Subject to
Court approval, the examinership process is expected to conclude in
early June.
The Examiner reserves the right to alter or terminate the
investment process at any time prior to the signing of the
Investment Agreement. No warranties will be given as part of the
sale process.
Further updates will be provided in due course.
ENDS
For further information, please contact:
Petroceltic International plc:
Tel: +353 (1) 421 8300
Brian O'Cathain
Tom Hickey
Davy Corporate Finance:
Tel: +353 (1) 679 7788
John Frain
Roland French
Bell Pottinger:
Tel: +44 (20)3772 2500
James Henderson
Rollo Crichton-Stuart
Murray Consultants:
Tel: +353 (1) 498 0300
Joe Heron
Douglas Keatinge
Note on Examinership
Under Irish Law, the examinership process provides Court
protection to enable the appointed examiner of companies to put
together a scheme of arrangement with creditors, with a view to
allowing the companies to trade as sustainable businesses post the
examinership. For a period of 70 days from the date of presentation
of the Petition, which period may be extended by a further 30 days,
the Petition Companies shall be deemed to be under Court
protection. In summary, creditors are prevented from taking any
action against the Petition Companies. For example, no winding up
proceedings may be commenced, no receiver may be appointed or no
judgment may be enforced. There is now also a prohibition on the
Petition Companies discharging any debts or liabilities which have
arisen prior to 4 March 2016 save as permitted pursuant to the
Petition as the Court may otherwise permit.
The day to day operations of the Petition Companies continue and
existing management remains in place.
While the Petition Companies come within the examinership
process, the powers and duties of the directors remain and, in
particular, the directors can continue to manage and control the
day to day operations of the Petition Companies, including pursuant
to the Group's strategic review announced on 23 December 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFEDESILLIR
(END) Dow Jones Newswires
May 12, 2016 02:00 ET (06:00 GMT)
Petroceltic (LSE:PCI)
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