SEABRAS GROUP SUBSIDIARIES EMERGE FROM CHAPTER 11

KUALA LUMPUR, July 13 -- The US Bankruptcy Court for the Southern District of New York, in a recent hearing, has confirmed the joint Plan of Reorganization (the Plan) of Seabras 1 USA LLC and Seabras 1 Bermuda Ltd (the Companies). 

Based on a statement, on July 7, the Companies consummated their financial restructuring process and emerged from Chapter 11.

Under the terms of the approved Plan and attendant restructuring, the total outstanding debt of the Companies has been reduced and the debt maturity, extended by approximately six years to September 2028.

The debt amortisation has been re-shaped, and the debt covenants have been revised, all in a way that provides a solid basis for the continued growth of the business going forward.

Seabras Group LLC and investment vehicles advised by Partners Group redeemed and acquired all of the Class A Units of Seabras Group LLC previously held by a subsidiary of SNH Networks LLC (SNH).

This resulted in 100 per cent equity ownership of Seabras Group LLC and its subsidiaries, including the Companies, (the Seabras Group) now being held by entities managed by Partners Group on behalf of its clients.

Coincident with the consolidation and Chapter 11 emergence, Larry Schwartz, Seaborn former Chief Executive Officer (CEO), and Roger Kuebel, Seaborn former CFO have left Seaborn and the Seabras Group.

Pete Hayes and Don Shassian, Partners Group-appointed Board members, will serve as Interim CEO and Interim CFO, respectively, of the Seabras Group, while Andy Bax will remain as Seaborn Chief Operating Officer.

-- BERNAMA