Max Petroleum PLC Initiation of Rehabilitation Process (1222U)
July 27 2015 - 5:33AM
UK Regulatory
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RNS Number : 1222U
Max Petroleum PLC
27 July 2015
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
27 July 2015
Max Petroleum Plc
("Max Petroleum" or the "Company")
Initiation of rehabilitation creditor protection process at
subsidiary level
Max Petroleum announces that in order to protect the solvency of
Samek International LLP, a wholly owned indirect subsidiary of the
Company ("Samek"), the Board has initiated a rehabilitation process
under Kazakh law ("Rehabilitation").
Rehabilitation has similarities to a Company Voluntary
Arrangement ("CVA") process under English law and the main purposes
of the Rehabilitation are:
i. to provide protection against creditor claims during the
entire period when Samek is within the Rehabilitation process;
and
ii. to reach agreement with creditors of Samek on a fixed
timetable for payment of amounts owing to all creditors.
The Rehabilitation, if approved by a competent court, will
involve a moratorium on creditors' claims, cessation of accrual of
penalties and interest on any outstanding debts, as well as
suspension of execution of any court and arbitral judgements.
Within three months of the court decision to start the
Rehabilitation, a rehabilitation plan, to be agreed between Samek
and its creditors, must be approved by a creditors' meeting. The
rehabilitation plan must set out a fixed timetable for payment of
amounts owing to all creditors and Samek will need to adhere to
this plan until the completion of the rehabilitation procedure.
While non-ordinary course transactions will in most cases need
creditors' approval, the Rehabilitation generally does not prevent
Samek from carrying out its business in the ordinary course.
Further announcements will be made as appropriate.
ENQUIRIES
Max Petroleum Plc +44 (0) 20 3713 4015
James A. Jeffs
Tom Randell
Stifel Nicolaus Europe
Limited +44 (0) 20 7710 7600
Michael Shaw
This information is provided by RNS
The company news service from the London Stock Exchange
END
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