Petrofac Ltd. has mentioned it could apply to the UK Supreme Courtroom for go away to enchantment the reversal of a courtroom sanction for the Jersey-based power engineering firm’s monetary restructuring plan.
On July 1, in favor of Saipem SpA and Samsung E&A Co. Ltd., the Courtroom of Attraction put aside the Excessive Courtroom of Justice’s sanction for Petrofac’s restructuring plan. Petrofac and the 2 firms had been a part of a failed venture – referred to as Clear Fuels Venture – to allow the manufacturing of cleaner fuels at a Thai refinery.
Claims by Saipem and Samsung and people of different events to the Thai venture “might be compromised” below Petrofac’s restructuring plan, the Courtroom of Attraction mentioned in its choice, revealed on the UK judiciary’s web site.
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Petrofac mentioned in an announcement final week, “The board has recognized and is actively progressing a lot of routes to ship the restructuring, together with via a plan that addresses the slender grounds on which the Courtroom of Attraction issued its judgment on 1 July 2025”.
“Moreover, the Group will in the present day apply to the Supreme Courtroom for go away to enchantment the judgment handed down by the Courtroom of Attraction on 1 July”, Petrofac mentioned.
Petrofac anticipated the restructuring plan to unlock $355 million in new funding, which might “considerably scale back the Group’s indebtedness, materially strengthening its monetary place”, as per an organization assertion Might 20.
In its assertion final week, Petrofac mentioned bondholders, traders and collectors celebration to a lock-up settlement for the restructuring have agreed to increase the settlement to November.
Petrofac chief government Tareq Kawash mentioned, “The settlement of stakeholders to increase the Lock-Up demonstrates their assist for the work underway to handle the slender grounds on which the Courtroom of Attraction upheld the problem to our Restructuring Plan”.
“Whereas the necessity for the steadiness sheet restructuring stays clear, the commitments formalized in the present day give me confidence that we are able to ship a profitable consequence”, Kawash added.
“Petrofac’s operational functionality stays intact, and the enterprise continues to ship for its purchasers”, Kawash mentioned. “Now we have secured new contract awards and have a powerful pipeline of future alternatives”.
Petrofac reported $192 million in web liquidity as of the tip of the second quarter.
“The Group has been capable of preserve liquidity to assist its operations, reflecting suspension of debt service funds; business settlements and related collections secured as a part of the shut out of legacy contracts; supportive provide chain and buyer relationships, and cautious money circulation administration”, Petrofac mentioned.
To contact the creator, e mail jov.onsat@rigzone.com
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