Stratum Energy Group Consummates Out-Of-Court Restructuring

On Friday, December 3, 2021, Stratum Energy Group Limited  (“SEGL”)  and its wholly owned subsidiary, Stratum Energy Romania, LLC (“SER” and, together with SEGL, “Stratum”), consummated an out of court restructuring of its approximately $187 million in secured debt obligations.  In connection therewith, Stratum’s secured lenders (Gemcorp Capital LLP and Chenavari) converted $104 million of Stratum’s secured debt obligations into a 50 percent interest in a newly formed holding company (“New Holdco”).  SEGL contributed its 100 percent stake in SER and certain other assets to New Holdco in exchange for 50 percent of New Holdco’s equity.