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Coro Energy PLC - London-based gas explorer - Signs heads of terms with Lombard Odier Asset Management Europe Ltd and other loan holders for the discussions of the company's proposals to restructure its €22.5 million 5.0% secured notes.
Coro seek noteholder consent to extends the notes' maturity by two years to April 12, 2024, remove all further cash interest payments on the notes before the maturity date and increase the coupon to 10%, and should the company's interest in Duyung PSC be sold, proceeds will be used to first repay the capital and 20% of what is left be distributed to noteholders.
Any remaining proceeds is to be distributed to shareholders.
Current stock price: 0.35 pence
12-month change: down 7.9%
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