Update on Proposed Financial Restructuring

Source: www.gulfoilandgas.com 5/24/2021, Location: Europe

Further to the announcements made on 30 April and 13 May 2021 (the "Previous Announcements") regarding the proposed financial restructuring of the Group (the "Restructuring") pursuant to a restructuring plan (the "Restructuring Plan") proposed under Part 26A of the Companies Act 2006 (the "2006 Act"), the Company confirms that a convening hearing (the "Convening Hearing") in relation to the Restructuring Plan was held virtually on 21 May 2021 at the High Court of Justice (the "Court") in London.

As outlined in the Previous Announcements, the Restructuring Plan process was commenced with the issue of a practice statement letter to Bondholders on 30 April 2021.

Purpose of the Convening Hearing
The purpose of the Convening Hearing was to seek directions from the Court for the convening and conduct of a virtual meeting (the "Bondholder 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.

Convening of a Bondholder Plan Meeting
The Company confirms that the Court has given directions received today (the "Court Order") for the convening and conduct of the Bondholder Plan Meeting, which will be held virtually via video conference at 11:00 a.m. (London time) on 11 June 2021.

At the Bondholder Plan Meeting the Company will seek approval of the Restructuring Plan from Bondholders. In order to be approved by the Bondholders, the Restructuring Plan will require the support of 75% (by value) of the Bondholders present (virtually) or by proxy and voting at the Bondholder Plan Meeting.

Convening of a Shareholder Plan Meeting
The Company confirms that the Court gave directions in the Court Order for the convening and conduct of a virtual meeting (the "Shareholder Plan Meeting") of the Company's shareholders (the "Shareholders"), which will be held virtually via video conference at 12:00 noon (London time) on 11 June 2021 or, if later, as soon as possible thereafter as the Bondholder Plan Meeting shall have been concluded or adjourned.

At the Shareholder Plan Meeting the Company will seek approval of the Restructuring Plan from Shareholders. In order to be approved by the Shareholders, the Restructuring Plan will require the support of 75% (by value) of the Shareholders present (virtually) or by proxy and voting at the Shareholder Plan Meeting. Each Shareholder shall have one vote for each share held by such Shareholder.

In addition, and as soon as practicable, the Company will publish and post to Shareholders a notice of the Shareholder Plan Meeting (the "Shareholder Plan Meeting Notice").

Failure to implement the Restructuring
Bondholders and Shareholders should note that in certain circumstances the Court may sanction a restructuring plan where one class of creditor or member dissents. Bondholders and Shareholders should refer to paragraph 1.5 of part 5 of the Explanatory Statement (defined below) and section 901G of the 2006 Act.

Shareholders and Bondholders are reminded that in the event the Restructuring Plan is not approved at one or more of the plan meetings, or if it is so approved but not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company.

Information for Bondholders
As noted in the Previous Announcements, on 30 April 2021 Hurricane entered into a lock-up agreement (the "Lock-up Agreement") with an ad hoc group of Bondholders (the "Ad Hoc Committee").

The Company notes that, as at the date of this announcement, the Lock-up Agreement has been executed or acceded to by entities holding in aggregate approximately 83.51% by value of the Convertible Bonds.

The Company invites Bondholders who have not yet acceded to the Lock-up Agreement to consider doing so. Any such interested Bondholder should contact Lucid Issuer Services Limited as Information Agent by email to hurricane@lucid-is.com for details on how to accede to the Lock-up Agreement.

All Bondholders are eligible to participate in the Lock-up Agreement and may accede to the Lock-up Agreement at any time by completing an Accession Letter to the Lock-up Agreement. No consent fee will be payable to Bondholders in connection with accession to the Lock-Up Agreement.

Bondholders wishing to accede to the Lock-up Agreement should contact Lucid Issuer Services Limited as the Information Agent by email to hurricane@lucid-is.com. All documentation relating to the Lock-up Agreement, together with any updates, is available on the Plan Website at https://deals.lucid-is.com/hurricane. Bondholders will require a password to access the Plan Website.

For additional information, Bondholders are encouraged to get in touch with the Ad Hoc Committee via their financial advisor Houlihan Lokey (ProjectHavenHL@hl.com).

The final form of the explanatory statement (and appendices, including the Restructuring Plan document, the Account Holder Letter and the formal notice to convene the Plan Meeting) under section 901D of the 2006 Act (the "Explanatory Statement"), together with the Court Order, will be uploaded to the Plan Website as soon as practicable at https://deals.lucid-is.com/hurricane.

Sanction hearing
Pursuant to the Court Order, any Shareholder that wishes to oppose the sanction of the Restructuring Plan must file evidence in opposition (including evidence of their shareholding) by no later than 4 p.m. (London time) on 9 June 2021.


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