Further to the announcement made on 30 April 2021 (the Previous Announcement ) regarding the proposed financial restructuring of the Group (the Restructuring ), the Company confirms that it today filed a claim form and draft explanatory statement at the High Court of Justice in London ahead of a convening hearing (the Convening Hearing ) expected to be held virtually via video conference on 21 May 2021. The purpose of the Convening Hearing is to seek directions for the convening and conduct of a virtual meeting (the Plan Meeting ) of the holders (the Bondholders ) of the Company s $230 million convertible bonds due 24 July 2022 (the Convertible Bonds ) for the purposes of considering, and if thought fit approving, the restructuring plan (the Restructuring Plan ) proposed under Part 26A of the Companies Act 2006 ( Part 26A ). The Restructuring Plan process was commenced, as outlined in the Previous Announcement, with the i
Hurricane Energy plc, the UK based oil and gas company, provides an update on the previously announced stakeholder engagement process and discloses operational and financial projections which have been shared with an ad hoc group of bondholders (the Ad Hoc Committee ), holding in aggregate approximately 69% by value of the Company s $230 million convertible bonds due 24 July 2022 (the Convertible Bonds ) as part of business planning, financing and balance sheet restructuring discussions. As part of this process, in recent months, the Company has been engaging with the Ad Hoc Committee. Hurricane can now announce that it has entered into a lock-up agreement (the Lock-up Agreement ) with the Ad Hoc Committee, pursuant to which the Ad Hoc Committee agrees to support a transaction that will materially deleverage the Company s balance sheet, enhance its liquidity position and extend its debt maturity profile (the Restructuring ), thereby pr