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High Court rejects Hurricane Energy restructuring plan

Hurricane Energy is “considering all options” after it announced the High Court in England and Wales has rejected its restructuring plan, including an appeal.

It follows its announcement late last month that it had entered a “period of financial restructuring” after recording losses of $625.3m (£449.8m). This included impairment charges to its Lancaster oil and gas field off the coast of the Shetland Islands of $567.1m (£407.9m). This was due, in part, to much poorer production rates than expected in 2020. The company also said it would not be in a position to repay its $230m (£165m) of convertible bond debt at maturity in July 2022.

In its announcement today (28 June 2021), the North Sea oil company notes that a number of shareholders have indicated they were not supportive of the restructuring plan. As such, these shareholders have said they intend to vote against the directors standing for re-election at the upcoming AGM on the 30 June 2021.

Additionally, some indicated they’ll vote in favour of resolutions proposed by the Crystal Amber Fund, one of Hurricane Energy’s investors, to remove all of the non-executive directors at the firm’s upcoming extraordinary general meeting on 5 July. If this comes to pass, the company says its nominated adviser is likely to resign with immediate effect.

It also says this scenario is likely to result in the company’s shares being suspended from trading and, if a replacement is not in place within the space of a month, it may result in the firm’s shares being delisted from the London Stock Exchange submarket AIM.

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