As of the date of this announcement, the Company has received:
- signatures to a restructuring support agreement (the “Senior Notes RSA”) from the holders of approximately 60% in aggregate principal amount of its 10% Senior Notes due 2014 (the “Senior Notes”);
- signatures to a separate restructuring support agreement (the “Preferred Obligations RSA”) from the holders of approximately 79% of the convertible preferred shares issued by an affiliate of the Company and involving claims against the Company (the “Preferred Obligations”);
- signatures to both the Senior Notes RSA and the Preferred Obligations RSA from the debtors of the Senior Notes and the Preferred Obligations and a majority of the shareholders of the Company;
- and a signed commitment letter from Heng Rui Xin Energy (HK) Co., Limited (“HRX”), an existing shareholder of the Company, to provide an interim financing (the “Interim Financing”) up to an aggregate principal amount of US$14 million.
The execution of both the Senior Notes RSA and the Preferred Obligations RSA and the commitment to the Interim Financing represent a significant step for the Company in its efforts to restructure its offshore obligations, although the entry by the Company into the Senior Notes RSA, the Preferred Obligations RSA and the Interim Financing is subject to the sanction of the Cayman Court, currently expected to be on or around April 2, 2014 at a scheduled hearing.