Premier Gets Creditor Support for Chrysaor Merger

Premier Oil has got enough support from creditors for its proposed merger with fellow UK producer Chrysaor, it said on November 3.

The creditors signed a binding support letter for the deal. They also backed the reorganisation of Premier's finance arrangements, having "irrevocably" voted in favour of court-approved restructuring plans and agreeing to waive the company's financial covenants until the transaction has been completed.

Premier intends to start the restructuring process through the issue of a practice statement letter, immediately after the prospectus for the transaction is published, expected by the end of 2020. The merger is due to be closed by the end of the first quarter of 2021.