Court allows Premier Oil creditors' to vote on planned deals on Feb. 12 [Reuters]
PREMIER OIL SPON ADR (PMOIY)
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Source: Reuters
Court allows Premier Oil creditors' to vote on planned deals on Feb. 12 LONDON, Jan 16 (Reuters) - Indebted Premier Oil won permission from a court on Thursday to have its creditors vote on planned acquisitions of North Sea assets for around $800 million under a scheme that would allow it to delay debt repayments and issue new shares. Premier Oil said in a statement that it will hold a creditor meeting to vote on the scheme on Feb. 12, with a hearing to sanction the action decided on in the vote expected to take place in March. Hedge fund ARCM, which holds around 15% of Premier’s debt and has had a growing short position in its shares since 2017 - currently around 17% of its stock, some four times higher than the average for London-listed firms - rejected the plans. But an ARCM request for an adjournment of the creditor vote was not successful on Thursday. Premier needs investors representing at least 75% of its outstanding debt of around $2 billion to agree to its plans under an arra
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