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CORRECTED PRESS RELEASE - Seabras Group Subsidiaries Emerge from Chapter 11 GlobeNewswireJuly 10, 2020All Seaborn and Seabras Entities Consolidated Under Partners Group Ownership Interim CEO and CFO Appointed BOSTON, July 10, 2020 (GLOBE NEWSWIRE) -- Emergence from Chapter 11 At a hearing on June 30, 2020, the U.S. Bankruptcy Court for the Southern District of New York confirmed the joint Plan of Reorganization (the “Plan”) of Seabras 1 USA, LLC and Seabras 1 Bermuda Ltd. (the “Companies”). On July 07, 2020, 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, the debt maturity has been extended by approximately six years to September 2028, the debt amortization 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. Consolidation
Source: AsiaOne