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Petroceltic Intnl - Examinership Process Update

RNS Number : 9940X
Petroceltic International PLC
12 May 2016
 

 

 

 

Dublin

12 May 2016

Petroceltic International Plc

 

Examinership Process Update

 

Petroceltic International Plc ("Petroceltic" or the "Company") the international Oil and Gas exploration development and production company, provides an update on the status of the petition for examinership of Petroceltic and two wholly owned subsidiary companies (the "Petition") presented to the High Court of Ireland ("Court") on 4 March 2016.

On 4 March 2016 Sunny Hill Limited announced that Worldview EHS International Master Fund had presented a petition to the High Court of Ireland (the "Court") to appoint an Examiner to Petroceltic, Petroceltic Investment Limited and Petroceltic Ain Tsila Limited (together the "Petition Companies") and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 of Ireland. On 8 April 2016 the Court approved the appointment of Michael McAteer of Grant Thornton as Examiner to the Petition Companies.

The Examiner has conducted a sales and investment process which required best and final offers, accompanied by adequate proof of funding, to be made by early May. Following this process, the Examiner has selected Worldview International Management Limited SEZC ("Worldview") as the successful investor and expects to proceed to sign an Investment Agreement over the coming days which will result in Worldview taking control of the entire Group including those companies outside of the examinership process. Upon signature of this agreement, the Examiner will convene the various meetings of shareholder and creditor classes to vote on the proposed Scheme of Arrangement towards the end of May. Subject to Court approval, the examinership process is expected to conclude in early June.

The Examiner reserves the right to alter or terminate the investment process at any time prior to the signing of the Investment Agreement. No warranties will be given as part of the sale process.

Further updates will be provided in due course.

 

 

ENDS

 

For further information, please contact:

 

 

Petroceltic International plc:

Tel: +353 (1) 421 8300 

Brian O'Cathain

Tom Hickey

  

Davy Corporate Finance:

Tel: +353 (1) 679 7788 

John Frain

Roland French

 

Bell Pottinger:

 

Tel: +44 (20)3772 2500 

James Henderson

Rollo Crichton-Stuart

 

Murray Consultants:

Tel: +353 (1) 498 0300 

Joe Heron

Douglas Keatinge

 

 

 

Note on Examinership

 

Under Irish Law, the examinership process provides Court protection to enable the appointed examiner of companies to put together a scheme of arrangement with creditors, with a view to allowing the companies to trade as sustainable businesses post the examinership. For a period of 70 days from the date of presentation of the Petition, which period may be extended by a further 30 days, the Petition Companies shall be deemed to be under Court protection. In summary, creditors are prevented from taking any action against the Petition Companies. For example, no winding up proceedings may be commenced, no receiver may be appointed or no judgment may be enforced. There is now also a prohibition on the Petition Companies discharging any debts or liabilities which have arisen prior to 4 March 2016 save as permitted pursuant to the Petition as the Court may otherwise permit.

 

The day to day operations of the Petition Companies continue and existing management remains in place.

 

While the Petition Companies come within the examinership process, the powers and duties of the directors remain and, in particular, the directors can continue to manage and control the day to day operations of the Petition Companies, including pursuant to the Group's strategic review announced on 23 December 2015.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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