Premier Oil Creditors Approve Merger With Chrysaor

A sufficient number of creditors of indebted Premier Oil have approved a proposed merger with private equity backed Chrysaor to create the British North Sea's biggest oil and gas producer, Premier said on Tuesday, Reuters reported. The reverse takeover, which will see Premier’s creditors paid $1.23 billion (947.9 million pounds) in cash, will fold one of the world’s oldest independent producers into a private equity-backed group in which Premier shareholders will receive an expected 5.45% stake. Premier had $1.9 billion in net debt. “(Premier) has received the requisite level of support from each class of its creditors for the proposed merger of Premier and Chrysaor Holdings Limited and the reorganisation of Premier’s existing finance arrangements,” it said. Read more