Akin Gump Advises Ad Hoc Committee of Noteholders in Relation to Afren plc’s Recapitalisation

Afren announces completion of key steps in its recapitalisation plan

(London) - Akin Gump is advising an ad hoc committee of Noteholders in the negotiation of the terms of recapitalisation of Afren, a UK plc with oil and gas assets in Africa and Kurdistan that is listed on the main market of the London Stock Exchange.

Afren today announced that it has successfully completed key steps in its recapitalisation to address its funding requirements and operational repositioning in the current oil price environment. These steps, together with the appointment of a new CEO, form part of Afren’s previously announced financial and capital restructuring.  The recapitalisation involved:

  • $255 million of net total funding will be provided as part of the recapitalisation, with the finance provided by existing bondholders with the ability to increase such net funding to $305 million.
  • Arrangements for the provision of $200 million in net interim funding provided by existing bondholders have been completed; the remaining $55 million will be provided at closing, expected to be in July 2015.

This transaction combines Akin Gump’s industry-leading European financial restructuring and energy practices, supported by the firm’s corporate and finance practices.

The key Akin Gump partners and practice areas involved in advising the ad hoc committee of Noteholders, include:

  • Restructuring: James Terry, Neil Devaney and Tom Bannister
  • Oil and gas: Marc Hammerson and John LaMaster
  • Corporate: Vance Chapman
  • Finance: Mark Mansell and Rosa Testani.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 attorneys in offices throughout the United States, Europe, Asia and the Middle East.

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