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ZaZa Energy provides corporate update


Published Feb 11, 2014
ZaZa Energy Corporation

ZaZa Energy Corporation provided updates on certain corporate events.

The Company has agreed with Hess to an early release of $15 million of the Company's money held in escrow. This release was part of a broader transaction that also included: (i) termination of the Company's overriding royalty interests in certain assets in the Paris Basin, France; (ii) Hess's release of an interest in the Company's litigation against certain third parties; and (iii) the payment of $3.5 million of the escrowed funds to Hess. The remaining $11.5 million was released to ZaZa, and these proceeds, combined with approximately $1.1 million of cash on hand, were used to reduce the Senior Secured debt from $26.8 million to $15.0 million. All previously required early pay downs to the Senior Secured holders have now been completed.

Tags: ZaZa Energy




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