Oro Negro parent announces injunction against liquidity bond issuance

By Caroline Salls

Pittsburgh, Dec. 29 – Integradora de Servicios Petroleros Oro Negro, SAPI de CV said an injunction previously issued in favor of the company and Perforadora Oro Negro, S de RL de CV has been expanded by the Second District Court in Civil Matters in Mexico City, Mexico to immediately suspend a proposed issuance by Oro Negro Drilling Pte. Ltd. of up to $75 million in liquidity bonds.

According to a news release, the order also suspends engagement of some advisers.

As previously reported, Nordic Trustee AS, acting as trustee for the holders of Oro Negro Drilling’s 7˝% senior secured bond issue 2014/2019, issued a summons for a written resolution to issue the new bonds and pay for advisers.

On Dec. 6, the company said it put the bond trustee and an informal group of bondholders on notice that the summons represented a clear violation of Mexican law and public policy and requested that the bond trustee, the bondholder group, the new board of Oro Negro Drilling and Oro Negro Drilling’s rig owners cease to take any actions in furtherance of the proposal.

However, the company said the bond trustee announced on Dec. 12 that the written resolution had passed and was adopted according to the voting requirements of the bond agreement.

In Friday’s release, Integradora reiterated its demand that the bond parties cease and desist from continuing to violate Mexican law and to comply immediately with the injunctions issued by the Mexican court.

Oro Negro is an oil and gas services company based in Alvaro Obregon, Mexico.

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