Mexico’s Oro Negro given access to $2.25 million by 11% noteholders

New York, March 29 – Oro Negro Impetus Pte. Ltd. received approval of a requested waiver proposal under its 11% first-priority senior secured bonds due Dec. 4, 2015.

At a meeting on Tuesday in Oslo, sufficient noteholders were present for a quorum and 98.06% of the votes were cast in favor of the proposal, according to a notice from bond trustee Nordic Trustee ASA.

As announced on March 10, the issuer had been requested permission to access to up to $2.25 million in the liquidity account until April 8 to fund budget expenses of up to $2.15 million.

The issuer also needs cash for emergency operating expenses not specified in the budget, subject to the overall limit on withdrawals from the liquidity account of $2.25 million.

The issuer is required to maintain a minimum cash balance of $5 million in the liquidity account.

To pass, at least two-thirds of the bonds represented at the meeting were needed to vote in favor of the measure. To form a quorum, at least half of the voting bonds had to be represented at the meeting.

As reported Dec. 4, the company failed to redeem the bonds on the Dec. 4, 2015 maturity date.

At the time, the trustee said an informal group of bondholders was in a continuing dialogue with Oro Negro to find a solution to be presented to bondholders.

The oil and gas services company is based in Alvaro Obregon, Mexico.

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