SeaBird Exploration, a seismic data provider for oil and gas companies, announced that the bondholders of SBX03 have today, with requisite majority, resolved to approve the restructuring.
As previously announced, SeaBird is in default on its existing bonds and loans and certain other of its financial commitments and requires new sources of funds to sustain its operations.
Consequently, SeaBird has for several months been in close dialogue with its creditors and other stakeholders in pursuit of new funding, resulting in agreement in principle being reached with several of the SeaBird group’s stakeholders with respect to the restructuring.
Implementation of the restructuring remains subject to conditions, including approval by the shareholders meeting scheduled for 19 February 2015 and final documentation required to implement the restructuring, including final documentation on revised terms with trade creditors.
According to SeaBird, there are no guarantees that all conditions for the restructuring will be fulfilled in a timely manner.