Erin Energy Announces Agreement With Zenith Bank on Terms of Loan Facility

(BUSINESS WIRE)-- Erin Energy Corporation (Erin Energy or the Company) (NYSE MKT: ERN) announced today it has obtained a waiver to the funding requirements of the Debt Service Reserve Account associated with the Zenith Bank Note until December 31, 2016. The Company was also granted a 90-day deferment of the principal payment previously due on March 31, 2016, whilst re-modification discussions of the loan structure continue.

“We appreciate the continued support of Zenith Bank and their belief in the growth of our company. In this depressed commodity price environment, it is good to have partners that are working with us for the long-term and for the success of Erin Energy,” said Daniel Ogbonna, Senior Vice President and Chief Financial Officer.

The Company has satisfied the interest obligations due March 31, 2016 and has formally submitted a loan re-modification proposal, which Zenith Bank is currently reviewing with final agreement expected during the second quarter of 2016. ...

Source : http://me-newswire.net//news/17503/en...