Premier Oil and the use of Schuldschein loans—Deal Debrief [Archived]
Produced in partnership with Katrina Buckley of Allen & Overy LLP

The following Restructuring & Insolvency practice note produced in partnership with Katrina Buckley of Allen & Overy LLP provides comprehensive and up to date legal information covering:

  • Premier Oil and the use of Schuldschein loans—Deal Debrief [Archived]
  • Brexit impact
  • Key practical points
  • Transaction summary
  • Schuldschein loans
  • Bilateral rights
  • Jurisdictional issues
  • Class and fairness issues: priority for new money
  • Convertible bonds
  • Scheme of arrangement or CVA?

Premier Oil and the use of Schuldschein loans—Deal Debrief [Archived]

Premier Oil is one of several companies in the oil & gas sector that has had to evaluate its financing options to adapt to the impact of a prolonged low oil price environment.

Brexit impact

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources.

Although schemes do not fall within the Recast Regulation on Insolvency, their subsequent recognition often relies on Brussels I (recast) (see below and also Practice Note: Brexit—impact on schemes of arrangement).

For cross-border matters, the Civil Jurisdiction and Judgments (Amendment) (EU Exit) Regulations 2019, SI 2019/479 have an impact. For further details, see Practice Note: No deal Brexit—enforcement of judgments [Archived].

Key practical points

Key features of this restructuring include:

  1. the Schuldschein loans

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