Petrofac's Creditors Fight Firm's Restructuring in London Court [BNN Bloomberg (Canada)]
PETROFAC LTD UNSP/ADR (POFCY)
NASDAQ:AMEX Investor Relations:
petrofac.com/en-gb/investors
Company Research
Source: BNN Bloomberg
Saipem Spa and Samsung E&A Co Ltd argue that they are the primary targets of the prospective restructuring, given they are “very substantial actual and contingent creditors” of Petrofac to the tune of “hundreds of millions of dollars.” The plan would see liabilities related to a Thai engineering project written off in exchange for a nominal payment, according to a filing to a London court by the two parties. Petrofac is seeking legal permission to convene creditor meetings to vote on the plan. It argues that in the absence of a restructuring, there will be group-wide insolvencies in multiple jurisdictions, court documents show. The company has so far received support from 73.7% of bondholders for the plan that would see approximately $772 million of existing debt converted into equity. Petrofac argues that striking a deal is also a matter of urgency because without one it risks losing a number of valuable contracts from European grid operator Tennet. The company says it can onl
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