May 1, 2018 / 8:08 AM / a month ago

BRIEF-Nighthawk Energy Says Suspension Of Trading On AIM

May 1 (Reuters) - Nighthawk Energy PLC:

* NOTICE OF CHAPTER 11 AND SUSPENSION OF TRADING ON AIM

* FILED FOR PROTECTION UNDER CHAPTER 11 OF UNITED STATES BANKRUPTCY CODE IN UNITED STATES BANKRUPTCY COURT FOR DISTRICT OF DELAWARE.

* FIRST-TIER U.S. SUBSIDIARY, NIGHTHAWK ROYALTIES LLC, ALSO FILED FOR CHAPTER 11 PROTECTION

* ON 19 APRIL 2018, COMPANY RECEIVED A NOTICE OF DEFAULT FROM COMMONWEALTH BANK OF AUSTRALIA RELATING TO ITS 18 APRIL 2018 DEADLINE

* CO’S BELIEF THAT CBA WILL CONTINUE TO ALLOW COMPANY TO PURSUE IN GOOD FAITH ITS PLAN OF RESTRUCTURE OR ASSET SALE ON OR BEFORE 1 JUNE 2018.

* OPEN TO DISCUSSIONS WITH MAJOR STAKEHOLDERS OF POSSIBLE ALTERNATIVE PROPOSAL FOR RESTRUCTURING CBA LOAN AND RECAPITALIZATION OF CO

* ENTERED INTO NON-BINDING LETTER OF INTENT WITH ONE OF PARTIES IDENTIFIED TO EXPLORE POSSIBILITY OF AN ASSET PURCHASE

* TRADING ON AIM OF COMPANY’S ORDINARY SHARES WILL BE SUSPENDED FROM 1 MAY 2018 Source text for Eikon: Further company coverage:

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