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09 September 2022
Issue: 7993 / Categories: Case law , In Court , Law digest
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Law digests: 9 September 2022

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Company

Re Nostrum Oil & Gas plc [2022] EWHC 1646 (Ch), [2022] All ER (D) 108 (Jun)

The Chancery Division heard an application by the applicant company, an oil and gas business, to convene a single meeting of certain of its creditors and, if thought fit, approving a scheme of arrangement under part 26 of the Companies Act 2006 (CA 2006). The applicant company had been incorporated in England and Wales in 2013. Its shares had been listed on the main market of the London Stock Exchange. It was the ultimate parent of a corporate group which had operated an oil and gas business in the Chinarevskoye Field, Kazakhstan. The corporate group had been overleveraged and accordingly, restructuring was needed. The applicant had applied a scheme which would impose a moratorium on any enforcement action by the noteholders to allow the company to implement the restructuring. The moratorium had been intended to remain in place until the date when the restructuring was completed, or until a long-stop date of 16 December 2022.

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