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Marion Energy Ltd announces forbearance agreement with Castlelake, LP

Tuesday, 15 Jul 2014 04:09am EDT 

Marion Energy Ltd:Says further to the announcement on June 19.A Forbearance Agreement has been executed and exchanged between Castlelake, Marion Energy, Inc. and Marion Energy Limited.The terms of the Forbearance Agreement were negotiated by the Company with the assistance of its corporate advisers, 333 Capital Pty Ltd and its US lawyers, Skadden, Arps, Slate, Meagher & Flom LLP.The Forbearance Agreement provides a standstill in relation to any enforcement under the lending documents between the parties before Aug. 30.There is no additional fee payable to Castlelake as a result of the granting of the forbearance (but the Marion Companies remain responsible for the legal fees of Castlelake in relation to the forbearance documentation). 

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