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12. Will shareholders receive a return from any sale of XER?

Any liquidator appointed to XEL will be an officer of the court of the British Virgin Islands and will have a responsibility to act in the interests of all creditors when selling XEL's assets (which includes XEL's shares in XER) and to maximise the value of those assets.  Given the current market conditions in the oil sector and the requirement to return approximately $150 million to the Bondholders, as secured creditors, the directors believe that a return of capital to shareholders is unlikely.

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Published : Monday, November 28, 2016 5:52 PM UTC