Court allows Premier Oil to delay debt repayment, raise equity for BP deal [Reuters]
BP p.l.c. (BP)
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Source: Reuters
Court allows Premier Oil to delay debt repayment, raise equity for BP deal LONDON (Reuters) - A British court on Wednesday approved Premier Oil’s plans to extend debt maturities by two years and raise up to $500 million in equity to buy North Sea assets from BP and others, but the deal depends on market conditions, Premier said. Activist hedge fund ARCM, which has a short position on Premier’s shares of around 17% and holds around 15% of its debt, said it would appeal the court’s decision, which delays any further action until the appeal is resolved. Other creditors have backed the plans which under British rules also required court approval. Oil prices have slumped about two-thirds to around $20 a barrel since Premier in January first announced its acquisition plans and the financial arrangements linked to Wednesday’s ruling. “Premier continues to assess the viability of satisfying those conditions and therefore of completing the proposed transactions in light of the current market c
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BP
Earnings
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BP
Sec Filings
- 12/1/25 - Form 6-K
- 12/1/25 - Form 6-K
- 11/6/25 - Form 13F-HR
- BP's page on the SEC website