Epunchng - Most read newspaper in Nigeria 12th-Oct-2017 - Page 32

32 THURSDAY, OCTOBER 12, 2017 energy Seven Energy defaults on debt interest payment ’Femi Asu S EvEn Energy International Limited has announced its inability to make the interest payment due on Wednesday on two notes issued by its wholly- owned subsidiary, Seven Energy Finance Limited. S e v e n E n e r g y International Limited, an integrated gas company in the South-East nigeria, has been grappling with severe liquidity challenge in recent times. The company, in an update on its capital restructuring, said it continued with “discussions with Savannah Petroleum Plc and the group’s lenders, including an ad hoc group of holders of the $300,000,000 10 ¼ per cent senior secured notes due 2021 (who are being advised by Moelis & Company and White & Case) and the $100,000,000 10 ½ per cent notes due 2021, as part of comprehensive capital restructuring of the group. “In the meantime, the issuer (Seven Energy Finance Limited) will not make the interest payment, which becomes due under the SSns and the 10 ½ per cent notes today (Wednesday).” In April this year, Seven Energy announced that it had requested a standstill from its lenders under the $385m Accugas term facility dated June 23, 2015, and had not made payments of interest and principal due on March 31, 2017. On April 11, the group failed to pay the interest due on the $300m, 10 ¼ per cent senior secured notes due 2021 and the $100m, 10 ½ per cent notes due 2021, and did not satisfy the conditions for the payment- in-kind interest. “The 30-day grace period for payment of interest under the SSns and the 10 ½ per cent notes expired on May 11, 2017, which represents an event of default under the terms of the SSns and the 10 ½ per cent notes,” the group said. Seven Energy said on May 15 that it was being advised by Ernst & Young and continued in constructive discussions with potential investors and lenders, with a view to achieving comprehensive capital restructuring. “The group is in parallel discussions with all of its financial creditors, including an ad hoc group of holders of the SSns, with a view t 'Fpw&VVVG2F7FG7FFV'B6W'f6R&ƖvF2@vfRFVfVG2&6pVFW"FRf&W2f6Pw&VVVG2( BFFVBगB6BG2ƗVFGv06WfW&VǒffV7FVB'&vRbWFW&f7F'26VFr72bFW&66frg&G27G&FVv0Ɩ6Rw&VVVB66PfV''V'#b&V6W6R`&V7W'&VB֖ƗFB7FfGFB&W7VFVBFR67W&Pbf&6F2W'BFW&֖B6vf6B&6r`VBf6W2&VFrFFR7Wǒbv2FfVFW&B7FFRvVBvW 7FF2खFFFWfVv2G&FpW6vRf"G&7&VB&6pD2F6WBWv2G&FrW6vRFV7W&RVf&&6pV66F&FRv2&6VBV6גFPv&N( 2F&B&vW7BVW&w67VW"FR֖7FW"F&VG&&F06BFR֖7FW"6BFP֖7G'vVB&W&PFWFVBFRf"FP66FW&FbFR6&WBVB'&R֖7FW &VG&F66&FrFGG2( 6&WBFRv&P&W&VB6WFƖpFWF2bFRv2G&FpW6vR( &FF@&W'FW'2BFRFVW&wf'V&F6BFR7W'&V@V66v6FPvfW&VBfW2v2&6W0vVB6FVRf"&&G6V7F'2GW&rG&6FW&B( W"FV2Fw&GVǐ7vF6F&WBƖV@G&7&VBv2&6pV66'7G&VwFVpFR&6VBv2G&FpW6vR( R6BFR֖7FW"6BFP6&Rbv2FR6VG'( 0VW&w&6WB7FBBW7@brR6&VBvFv&&FRb#BW"6VB&F6BwV&B06WfVB#bW"6VB6&Pbv2FRvW7FW&7FF^( 0fW&VW&w&6WB'FFrfW7F"g&VFǐG&7&VBƖ6W2F@VVBF&R&WƖ6FVBBFWfV( vRfRFWB6PVf&&WB&6pV66F&FRv2&6VBV6ג( FP֖7FW"6BFF2&VV6WBW6&6rVW&wf6RWW'G2FGf6RFPvfW&VB77VW2&VFV@FFRG&6&&6V7F"6VFrFR&6VBv0W6vRR6B&F6BFVVG0fW7FV@`&V@C3&FRVW&w6V7F"6VFrBv2fW"FPWBV'2F&6RFRW 6FVW&w67VFWfVB7WB7'VFR'G2खF( 2W"6FVW&w67VF27W'&VFǐSRBbWVfV@6&VBvFv&fW&vRbFRखF2F7WBG0FWVFV6R'FV@7'VFRFcrW"6VBf66###"&&6g&УsrW"6VB&6#P'f7W6rFW7F0&GV7FFVWBw&vrFV@f"B&GV7G2FP֖7FW"6BFvV@VVBF&6RG27W'&V@&Vfr66Gb#3P֖ƖBV"F&V@S֖ƖB'#C( W"7G&FVw2F6WfPFRvW"&VfrF&vW@F&Vv&Fw&VVfVB@'&vfVBW62( FP֖7FW"6B'##B#RF2FFB#֖ƖB&Vfp66G&F6BFFrFBSW"6V@bF266GvVB&P6WfVB'6WGFrWWp&Vfr66FW2vRFP&VrC"W"6VBvV@&R6WfVB'7G&VwFVpW7Fr&VfW&W2FR֖7FW"6BF( 0֖7G'2FV6FVBFGW&FRFVW&wf'VЦFVfw6WfV@FGG&7Bv&fW7F'2Bv2( $#6&52g&6"6&2&W36&vW&V6֖27V֗Bw&W"&'V#6V`WV7WFfRff6W"4fW7BƖ֗FVB'2'WF&'VWV7WFfR&GV6W"FRWBFFvW&"֖FRVR6VbWV7WFfRff6W"&W&6V7W&FW2Ɩ֗FVB'2ƖƖV&B6VbWV7WFfRff6W"6&w&W"FP6RBFR&V֖W&RWfVrbFR6V6BbFRWBFFvW&v2GVW6FFFRWBFFvW&fbw&B6"6WBFG&RvW&FW'0Wp&W'@06f&VBFB6 2rFRf7FW7Bw&vpVW&w6W&6RFRv&BB2r 7Bg&6FRFW&FVW&wvV7( 2#r&W'B&VWv&W2f&V67G2F@fbw&B6"66Gg&626WBF7@G&RFRWBffRV'26rFBBv( '&p&62VV7G&6G6W'f6W0F7Bs֖Ɩ&PVR6B7V 6&g&6( FRT2fVBF@FRVBbvW"g&Ч6"w&Wr'&RFSRB2ff6ǐ7&V6VBVW&wWGW@v&ǒBf7FW"&FRFFW"gVVFR&W'@7V6f6ǒvƖvG2fbЦw&B6"2( G֖>( 6V7F"6WBF66VW&FRF0w&wFV26F@ffW'2RbFRf7FW7@w&vrfbw&B6 6W'f6W2g&62BFPf&Vg&BbF2W6T2&6W2FVBf&V67Bf"G2@R&v6FbFPWG&WVФW'Fp6VG&W2f&V67BvW FVBf"G2#vVFW6FB6@G0&GV7F7WGFpFVvF&f&GV6W'0v2vWGFr&BbvWBFrFFvFW"&W@FB6VBfRFFVf6BWBV"&WWFW'2&W'G2FBFǒ&W'BFRT06BFR&WB6VBf@7W'BvFW"g&ЦrF7FFRgVV7F60Bf&V67G2b6FW vVFW"v6vV@&7BF7FFW2FVBf VFrT26BFRv&@vVBVVB32b֖Ɩ&'&V2W"FbG27'VFPWBV"W#3'@g&G2&WfW2f&V67BFB2G2F&B66V7WFfPFǒ7&V6RFP&V7Fg&G2f'7@W7FFRFRVǒFR&W'BW7G&FW0w&vr6fFV6RpT2ff62FBG27Wǐ7WB2v&r7FT20B&涖r7W&vR&6W26rFR&W'@7'VFR2WV7FVBF&VBCSFCSR&'&VFPWBV"'&VB43G&FVBvW"V"CSrvVFW6F( vFFR&WBfpFFRvFW"6V6F7FFRgVV7WƖW2&PF&ǒFvB&W&W6VFp6vRg&FRW6W707WƖW26VVFR7BGvV'2( T26B( T2BWФT0&GV6W'06FVRF7V66W76gVǐG&FR&WB`W6W72&'&V2( ФFVVB@6V&rFRvWBT207W&&rWGWB'&WB ֖Ɩ'BvR'W76@FW T0&GV6W'2&R7WGFr`2V6VF&6#FRB6VG'&GV6W w&W6BG2WG