Creditors approve final proposal for Axxis Geo Solutions reconstruction

LYSAKER: Axxis Geo Solutions ASA announced the approval of the final proposal for the company reconstruction pursuant to the court protected reconstruction process.

The deadline for creditors to vote on the reconstruction proposal expired 27 April 2021. Out of the 110 creditors voting, 106 creditors voted in favor of the reconstruction proposal.

In nominal amounts, this represents in excess of 98% of claims eligible to vote voting in favor. In addition, Axxis has obtained acceptance for a voluntary debt settlement from the creditors in the group companies.

Subject to the reconstruction proposal being confirmed and the forced debt settlement becoming legally binding, Axxis will pay out approximately USD 7 million in cash and issue approximately 424 million shares to its creditors.

The company estimates that the forced debt settlement will become legally binding, that payments will be made and Conversion Shares issued no later than 30 June 2021.

The Conversion Shares will be in addition to the 1,445 million shares that will be issued in connection with the private placement, raising NOK 144.5 million.

The issue of the Cash Shares has been approved at the extraordinary general meeting held 28 April 2021, and Axxis expects to shortly confirm the private placement and announce the details of a subsequent repair offering. Following the issue of the New Shares, the New Shares will represent in aggregate about 97% of the total outstanding shares in the company.

“Following a successful reconstruction, Axxis will have a balanced financial position and good liquidity reserves to support continued operations. We´re pleased that 106 creditors voted in favor of the proposal, representing in aggregate over 98% of claims outstanding from eligible creditors, “says Nina Skage, Board Member of Axxis and part of the reconstruction team.

Axxis Geo Solutions (Axxis) is a pure-play ocean bottom node seismic company uniquely positioned to pursue both contract and multi-client seismic. Axxis specializes on delivering tailored seismic solutions and flexible project management and execution to oil and gas companies world-wide.

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