Waldorf Update
Capricorn Energy PLC has entered into a lock-up agreement supporting Harbour Energy's acquisition of Waldorf Production UK Plc, agreeing to compromise its unsecured claims against Waldorf for approximately $4 million to $5 million, while retaining the right to participate in potential residual claims. The completion of this transaction is contingent upon regulatory approvals and likely requires the sanction of a further restructuring plan.
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Capricorn notes the announcements made by Waldorf Production UK Plc ("Waldorf") and Harbour Energy plc ("Harbour") earlier today related to the purchase of the Waldorf group by a subsidiary of Harbour ("Transaction"). Capricorn has entered into a lock-up agreement in support of the Transaction and has agreed to compromise its unsecured claims against Waldorf for a payment of around $4m to $5m, which is the subject of a methodology agreed between Capricorn and certain of Waldorf's creditors. Capricorn will also retain the right to participate in potential residual claims.
We note that completion of the Transaction is subject to various regulatory consents and is likely to require the sanction of a further restructuring plan.
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