InterOil reschedules meeting to Dec. 6 for 15% callable bonds due 2014

By Susanna Moon

Chicago, Nov. 20 - InterOil Exploration & Production ASA scheduled another meeting for Dec. 6 in Oslo to propose amending its 15% senior callable bonds due 2014 after failing to form a quorum at the meeting held Nov. 18.

At the meeting on Nov. 18, there were holders representing 45.48% of the bonds, according to a notice from trustee Norsk Tillitsmann ASA, which fell short of the 50% needed in order to form a quorum.

The proposed amendment obtained 100% of the votes present but failed to pass due to the quorum issue.

As previously announced, the company is asking for an amended restructuring under the bonds after regulatory issues prevented completion of the restructuring that was approved in July.

In order for the measure to pass at the upcoming meeting, the holders of at least half of the bonds represented at the meeting must vote in favor of the measure.

InterOil is an Oslo-based exploration and production company.

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