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Nostrum—Sanctions and Schemes

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Published on: 26 September 2022

Published by a LexisNexis Restructuring & Insolvency expert

Table of contents

Background to the Restructuring
Overview of the Restructuring
Class issues
Fairness issues

Article summary

Restructuring & Insolvency analysis: To avoid an insolvency, Nostrum Oil & Gas plc’s directors proposed a financial restructuring to be implemented by way of a UK scheme of arrangement under Part 26 of the Companies Act 2006 (CA 2006) under which, among other things, its existing senior unsecured notes would be cancelled in a debt-for-equity swap. This article provides an overview of the restructuring and explores some of the class composition and fairness issues that arose in connection with the scheme, in particular, as a result of the international sanctions imposed on certain Russian and other entities in connection with the war in Ukraine. Written by Christian Pilkington, Will Stoner and Beth Hough of White & Case LLP.

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