Max Petroleum 6.75% convertible bondholders waive redemption rights, events of default

By Jennifer Chiou

New York, Sept. 24 - Max Petroleum plc announced that holders of its $75 million of 6.75% convertible bonds due 2012 unanimously voted to waive their redemption rights and any events of default under the terms of the bonds at a Friday meeting.

Earlier in the month, the London-based oil and gas exploration and development company announced the deferral of the Sept. 8 interest payment due on the bonds.

Max Petroleum said in a news release that the waiver applies to any events of default that may have arisen in connection with the termination of the Astrakhanskiy license, which was announced on July 18.

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