A storm in a teacup? Hurricane Energy completes bond buy-back following High Court refusal to sanction restructuring plan

Table of contents

• Background
• Threshold conditions
• 1: Identifying what would be most likely to occur in relation to the Company if the plan was not sanctioned
• 2: Determining the outcome or consequences of the relevant alternative for the shareholders
• 3: Comparing the outcome of the relevant alternative with the outcome and consequences for the shareholders if the plan was sanctioned
• Court’s discretion
• Comment
• Case details

Article summary

Restructuring & Insolvency analysis: Hurricane Energy plc (the Company) recently completed a tender offer to buy back a portion of its US$230m convertible unsecured bonds (the Bonds) as ‘a proactive liability management exercise’. A buy-back programme was suggested by the shareholders of the Company as one of the possible alternatives to the restructuring plan attempted by the Company in June 2021. Written by Patrick Schumann, Colin Cochrane and Karan Khushal of Reed Smith LLP.