By Matteo Castia
Hurricane Energy PLC said Friday that its proposal to restructure the business didn’t get approval at the shareholder meeting that was convened to vote on the plan.
The London-listed, oil-and-gas company said the resolution received only 7.7% of the total votes cast and that 32.9% of the company’s issued share capital voted.
The refinancing plan would have granted lenders–which hold the company’s $230 million convertible bonds–a 95% shareholding.
On May 24, Hurricane Energy warned that should the restructuring plan not go forward, it is likely that there would be a controlled winding down of its operations followed by an insolvent liquidation of the company.
“[…] as the Restructuring Plan was approved at the Bo…
Read the full article at: https://www.marketwatch.com/story/hurricane-energy-shareholders-reject-restructuring-plan-271623425295