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West of Shetland oil firm in focus as crude price rises


The production vessel used on Hurricane Energy s Lancaster field. Picture: Ralph Ehoff
WEST of Shetland-focused Hurricane Energy has seen a dissident investor increase its stake in the business significantly after plans for a controversial restructuring were blocked.
Hurricane Energy sparked outrage among investors after announcing plans to compete a debt-for-equity swap that would have left bondholders in control of the business.
However, the High Court declined to approve the plan on the grounds that it would have deprived shareholders of all but a fraction of their equity and appeared to be premature.
The decision was hailed as a victory for shareholders that had opposed the plan. These were led by the Crystal Amber Fund investment operation, which agitated for a boardroom coup. ....

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Boardroom upheaval at Shetland oil firm after shareholder revolt


The production vessel used on the Lancaster field West of Shetland Picture: Hurricane Energy
EMBATTLED Shetland oil pioneer Hurricane Energy has parted company with its chairman and four directors after facing a boardroom coup attempt led by a dissident investor.
The company said yesterday that Steve McTiernan had resigned as chairman along with all four non-executive directors with immediate effect.
The resignations came after Hurricane proposed to complete a restructuring that would leave bondholders in control of the firm, and which has been denounced by shareholders.
Crystal Amber Fund called an extraordinary general meeting at which it wanted shareholders to vote Mr McTiernan and the four non-executives off the board and two replacements appointed. ....

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