Polarcus Concludes Standstill and Settlement Agreement with Lenders

Source: www.gulfoilandgas.com 4/14/2021, Location: Middle East

Polarcus Limited (in provisional liquidation) refers to the announcement issued on 2 February 2021 concerning, among other matters, the status of discussions with its bank lenders following the Lenders’ enforcement of certain security interests on 26 January 2021. Since the referenced announcement, the Company has been in discussion with the Lenders on the terms of an agreement under which the Lenders would refrain from exercising any further security interests and settlement terms for the release of Lenders’ residual claims against Polarcus and its subsidiaries (“Polarcus Group”).

The Company, certain of its subsidiaries, the Lenders, the Company’s former subsidiaries which were transferred to new owners on 26 January 2021 and those new owners have now agreed the terms of a standstill and settlement agreement (“SSA”). Under the terms of the SSA, the Lenders shall refrain from exercising any further security interests over the Polarcus Group or their assets with immediate effect. Further, on completion of certain conditions by the Polarcus Group, including an order from the Grand Court of the Cayman Islands sanctioning the entry into the SSA by the Company, the Lenders agree to release the Polarcus Group from all claims and all remaining security interests held against the Company and its subsidiaries in full and final settlement of the Lenders’ claims except for certain claims and security interests in three of the Company’s subsidiaries. The Company expects all conditions to be satisfied during Q2, 2021.

As referenced in the Company’s release dated 29 March 2021, conclusion of the SSA is an important step for the joint provisional liquidators appointed to the Company to assess the appropriate next steps for the Company, including whether to seek a court order to place the Company into official liquidation and to appoint an official liquidator. In the circumstances, the Company considers that it is appropriate for trading in the Polarcus share to remain suspended.


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