Erin Energy Corp. (NYSE MKT: ERN) has obtained a waiver to the funding requirements of the debt service reserve account associated with the Zenith Bank note until Dec. 31. The company was also granted a 90-day deferment of the principal payment previously due on March 31, while remodification discussions of the loan structure continue.
The company has satisfied the interest obligations due March 31, and has formally submitted a loan remodification proposal, which Zenith Bank is currently reviewing with final agreement expected during the second quarter of 2016.
Erin Energy is an independent oil and gas exploration and production company focused on energy resources in Sub-Saharan Africa. Its asset portfolio consists of nine licenses across four countries covering an area of 40,000 square kilometers (10 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and the Gambia, and onshore Kenya.