SeaBird Exploration will propose to its bondholders and certain of its other creditors a debt restructuring of the SeaBird group that if successfully completed will facilitate a comprehensive restructuring of the group's balance sheet.
Following the Restructuring the debt in Seabird will be reduced by USD 22 million and lease obligations will be reduced by USD 10.4 million.
The remaining debt under the SBX04 bond loan and the Glander credit facility will be a total of USD 5.0m and the remaining lease obligations (payable in kind until maturity) will be USD 2.4m.
At the time of fulfilment of all conditions for the Restructuring, the SBX04 bond agreement will be amended and restated to inter alia reflect the settlement of the SBX04 Bonds under Tranche A
The completion of the Restructuring is subject to the satisfaction of a number of outstanding conditions outside the control of the Company.