Nostrum Oil’s restructuring scheme approved by majority of creditors

By Sarah Lizee

Olympia, Wash., Aug. 23 – Nostrum Oil & Gas plc said the scheme relating to its proposed restructuring was approved by the requisite majority of creditors.

According to a London Stock Exchange notice, there were 148 scheme creditors present and voting at the Monday meeting.

The restructuring relates to the notes issued by Nostrum Oil & Finance BV. The group’s notes are the $725 million 8% senior notes due July 2022 and the $400 million 7% senior notes due February 2025.

Successful completion of the scheme is now conditional upon the scheme being sanctioned by the court in its discretion at the scheme sanction hearing, and the scheme becoming effective and unconditional in line with its terms. The hearing is expected to take place on Aug. 26.

Nostrum is an oil and gas company with operations in Kazakhstan and offices in London and Amsterdam.

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