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HUR HRCXF SENX SEN.WP SNUYF RBD UJO PTAL TAL.V PTALF BPC BSHPF IOG PRD DELT 88E EEENF LBE AEX AEXFF TRP RTWRF PVR PVDRF LOGP RKH RCKHF ADV CVN.AX CVONF MATD PRTDF
Hurricane Energy (London HUR US OTC HRCXF ) announced an update on its proposed financial restructuring. Subject to directions of the court, a meeting of the bondholders is to be held on 4 June 2021 to consider and, if thought fit, approve the restructuring plan. Hurricane is warning shareholders and bondholders that in the event the restructuring plan is not approved, either by the bondholders or the court, it is likely that there would be a controlled wind-down of operations followed by an insolvent liquidation of the company. Even if approved, in return for releasing $50 million of the principal amount outstanding under the convertibles, bondholders will receive ordinary shares comprising 95% of the fully diluted pro forma equity of the company, which values the existing equity at less than 0.1p per share. I’ve been warning about HUR all the way from the low 30s down and all that was necessary to see what was going to happen here was to read and understand the consequences