Hamilton, Bermuda, 24 July 2025: Seacrest Petroleo Bermuda Limited (in Provisional Liquidation) ("Seacrest Petroleo" or the "Company") refers to its announcement on 7 March 2025 regarding the appointment of Mike Penrose and Igal Wizman as Joint Provisional Liquidators ("JPLs") over the Company.
On 21 July 2025, the JPLs filed a motion in the Recuperação Judicial (“RJ”) of the Seacrest Petroleo Cricare Bermuda Limited (“SPCBL”) Group in Brazil (Judicial Recovery No. 1021319-27.2025.8.26.0100). The JPLs submitted the motion on behalf of SPBL with the intention of obtaining information to assist in establishing a creditor claim in the RJ as relates to the intercompany debt originally owed by SPCBL to SPBL. The motion requested the following from the SPCBL Group:
- Copies of the contractual documents and respective calculation of the creditor claims held by the secured lenders (the “Secured Lenders”) under the Kraken Credit Agreement;
- Copies of all contractual documents related to the enforcement of the guarantees under the Kraken Credit Agreement;
- Details of the amortization of the secured and unsecured creditor claims held by the Secured Lenders after the execution of the guarantees under the Kraken Credit Agreement, with a clear indication of the outstanding balance of the creditor claims after the execution; and
- Clarifications on all acts and procedures for the execution of the guarantees and amounts received by Secured Lenders in the context of the execution of the guarantees of the Kraken Credit Agreement Agreement.