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BRIEF-Forbes Energy Services enters into restructuring support agreement with certain senior note holders
December 23, 2016 / 11:20 AM / 9 months ago

BRIEF-Forbes Energy Services enters into restructuring support agreement with certain senior note holders

Dec 23 (Reuters) - Forbes Energy Services Ltd -

* Under backstop agreement,co to pay backstop lenders,subject to approval by bankruptcy court, a nonrefundable premium of $2 million

* On Dec 21, co, units entered into restructuring support agreement, with certain holders of co’s 9% senior unsecured notes due 2019

* RSA contemplates financial reorganization of forbes and subsidiaries pursuant to a prepackaged plan of reorganization

* Will file for voluntary relief under chapter 11 in U.S. Bankruptcy court for southern district of texas on or before Jan 23, 2017

* Pursuant to RSA, company is required to commence solicitation on or before December 22, 2016

* On December 21, 2016, Forbes entered into a backstop agreement, or backstop agreement

* May be required to pay a $2.5 million termination fee to backstop lenders if backstop agreement is terminated Source text: [bit.ly/2h8SQ9o] Further company coverage:

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