PGS ASA announces that the UK Scheme of Arrangement announced on November 26, 2020 in connection with the proposed amendments under its term loan B and revolving credit facilities (“TLB” and “RCF”, respectively) announced on October 21, 2020 (the “Transaction”), was approved by the High Court of Justice of England and Wales on February 2, 2021.
The Scheme was approved following the approval of the Transaction at the preceding creditors’ meeting. The Scheme had support of lenders to the RCF/TLB facilities representing 95.3% by value of debt and 99.5% by number of creditors voting.
The Court’s approval will enable the implementation of the Transaction, which will bind all TLB and RCF lenders. The final implementation of the Transaction is subject to customary conditions precedent and subsequent, and is expected to occur during February this year.
Further details on the Transaction is set out in the Company’s announcement on October 21, 2020.