Prosafe SE Provides Update on Financial Restructuring

Source: www.gulfoilandgas.com 10/13/2021, Location: Europe

Reference is made to the earlier information provided about the ongoing financial process with the lenders, the latest in a press release dated 6 October 2021 in relation to timelines given by the Singapore Court in relation to the Sanction Applications filed by Prosafe SE and Prosafe Rigs Pte Ltd ("PRPL") in HC/OS 997/2021 and HC/OS 998/2021.

Please take notice that Prosafe SE and PRPL have today filed separate applications for the Singapore Court for leave to amend the originating summons filed in the original Sanction Applications to include an additional prayer for the insertion of a new clause 8.4 in the Schemes (the "Amendment Applications"). The new clause 8.4 in the Schemes clarifies that Prosafe SE, in cooperation with the scheme manager and Norwegian reconstructor, may have an additional avenue to distribute the new shares under the Scheme to the relevant Scheme creditors without such creditors having to otherwise complete a subscription agreement or provide a set-off confirmation, as would typically be required under Norwegian law. Prosafe SE and PRPL are advised that this clarification is mechanical and necessary for the implementation of the Schemes and the parallel Norwegian Reconstruction Proceeding.


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