![CR-2025-001156 - [2025] EWHC 2129 (Ch)](https://backend.juristeca.com/files/emisores/logo_O3rEzCI.png){kind=logo}
The requirement for the new loan to be fully repaid after five years (Clause 6) MOL’s ability fully or partially to prepay the new loan (Clause 7.2)
The requirement for the new loan to be fully repaid after five years (Clause 6);
MOL’s ability fully or partially to prepay the new loan (Clause 7.2);
MOL’s obligation to prepay the new loan to the extent of the excess cashflow forecast for any quarter (which excludes required reserves to service the revenue share payments or Outrider Cash Payment) (Clause 8.2);
The accrual of interest on the new loan at the rate of 20%, capitalised quarterly (Clause 10.1(a)), payable on the final repayment date of the loan (Clause 10.2); and
The restriction against MOL declaring any dividend on its own share capital (Clause 17.8(a)(i)), albeit not applicable to (a) revenue share payments or (b) MOSA declaring dividends (Clause 17.18(b)).
- Heading
- Introduction
- derivative of Ground 5, BMK not being an ‘in the money’ creditor such that there was no jurisdiction to ‘cram down’ Outrider’s debts ( Ground 6 ); and unfairness of the Plan ( Ground 8 )
- The witnesses
- Production Sharing Agreement
- The Oilfield
- Prior financing
- The Guarantee
- BMK’s purchase of the MOL shares
- The Group’s current financing arrangements/ position
- BMK’s claim under the MOL Intercompany Loan for approximately US$63.79m; and BMK’s claim under the MOSA Intercompany Loan for approximately US$604.33m
- Outrider/ ABI co-operation
- Mauritius proceedings
- The BMK/ MOL Guarantee claim will be compromised and released in full for US$1
- The BMK/ MOSA Guarantee claim will be released through a third-party release for US$1 The BMK/ MOSA Intercompany Loan will remain outstanding; and
- The Outrider/ MOSA Guarantee claim will be released through a third-party release for US$1; and
- Calculation of the Plan consideration
- New money
- The requirement for the new loan to be fully repaid after five years (Clause 6) MOL’s ability fully or partially to prepay the new loan (Clause 7.2)
- Non-party releases
- Deed of Subordination
- Outrider’s recent offer
- Conditions for sanction
- Principal legal authorities
- Class composition
- Conclusions