Seabird Exploration: Announces bondholder consent to debt restructuring

Reference is made to the stock exchange announcement from SeaBird on 26 May 2017 concerning the proposed restructuring of the SeaBird group, as further described in said announcement.

The bondholders’ meeting of the SBX04 bond issue has today unanimously approved the proposal for the debt restructuring, pursuant to the summons therefore. The bondholders present formed a quorum.

Following the bondholders’ meeting, the Company continues its efforts to satisfy the outstanding conditions for the proposed restructuring. Said conditions include (i) the approval of the Restructuring at an extraordinary general meeting of the Company; (ii) consent to the Restructuring from Glander and subsequent execution of the same from Glander and Ordinat, (iii) that no SeaBird group entity has entered into any insolvency procedures, whether voluntary or involuntary; (iv) that no enforcement action have been taken by any creditors for any material claim or bankruptcy of any SeaBird group entity; (v) that final documentation required to implement the Restructuring, including final documentation on revised terms with trade creditors, has been entered into; (vi) subsequent confirmation that the abovementioned outstanding amounts under Tranche A and Tranche B of the SBX04 bond loan and the Glander credit facility have been irrevocably redeemed following the respective settlements; (vii) the entry into of an amended and restated SBX04 bond agreement between the Company and the bond trustee under the SBX04 bond agreement; and (viii) the entry into of an exchange agreement and income distribution agreement between TGS and the bond trustee under the SBX04 bond agreement to reflect the abovementioned distribution of the net income from the multi-client libraries.

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