Crudecorp bondholders propose new trustee for subordinated bonds

New York, May 12 – Crudecorp AS’ trustee for its subordinated unsecured callable bond issue 2012/2017 said that some bondholders have requested that a new trustee be appointed.

Nordic Trustee ASA said holders of more than one-tenth of the voting bonds have requested a meeting to name Crude Bond Trustee AS as the replacement trustee.

The meeting will be held at 7 a.m. ET on May 23, according to a notice from Nordic Trustee.

To approve the change, at least two-thirds of the bondholders represented at the meeting must approve the change and at least half the bondholders must be represented for there to be a quorum.

Crudecorp previously failed to make the interest payment due on Oct. 19, 2015 on the bonds.

Stavanger, Norway-based Crudecorp is an oil and natural gas exploration and production company with offices in Houston and Bakersfield, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.