Akin Gump Advises Ad Hoc Group of Creditors of Premier Oil re: Merger with Chrysaor and $2.7 Billion Debt Restructuring

(London) – Akin Gump is advising an ad hoc group of creditors of Premier Oil in connection with the proposed merger of Premier Oil with Chrysaor Holdings Limited and with the restructuring of Premier Oil’s $2.7 billion of debt.

The proposed merger was announced on October 6, 2020, and will, upon completion, create the largest independent exploration and production company on the London Stock Exchange. The transaction is subject to regulatory approvals and approval by shareholders and creditors.

The debt restructuring will be effected through interconditional restructuring plans under the new Corporate Insolvency and Governance Act 2020.

Premier Oil is one of the North Sea’s largest oil companies, with multiple lender groups. Akin Gump previously played a significant role in negotiating a financial restructuring between creditors and the company, including through two Scottish law schemes of arrangement, in conjunction with an amendment to certain of the group’s other indebtedness outside of those schemes.

The Akin Gump team advising the ad hoc group of creditors is led by London financial restructuring partners Barry Russell and Lois Deasey. The team also included corporate partner Gavin Weir, litigation partner Richard Hornshaw, financial regulatory partner Helen Marshall, financial restructuring partner James Roome, financial restructuring counsel Emma Butler and Jessica Ling, corporate counsel Nicholas Antonas, tax counsel Serena Lee, corporate associates Rob Whittle and Dougall Meston and financial restructuring associate Ross Macgregor.

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East. Founded in 1945, the firm is proudly celebrating its 75th anniversary in 2020. #AkinGump75

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