Service supplier to the vitality business Petrofac Restricted introduced that it has prolonged its current forbearance settlement in respect of the non-payment of the curiosity coupon on its senior secured notes from September 20 to October 18, 2024.
The forbearance settlement is signed by a particular group of noteholders who characterize about 47 % of the entire senior secured notes and another noteholders who’re additionally agreeing to the phrases. It assures that these noteholders will chorus from taking any motion concerning the unpaid coupon till a minimum of October 18, 2024, thereby offering additional time for the group’s monetary restructuring to maneuver ahead, Petrofac mentioned.
Earlier this 12 months, Petrofac mentioned that as a part of the restructuring, an ad-hoc group of senior noteholders proposed to offer credit score to the enterprise of $300 million. The credit score would assist safe efficiency ensures for sure of its current contracts.
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“This non-binding proposal depends upon, amongst different issues, the corporate securing these efficiency ensures, and would require the conversion of a big proportion of the group’s current debt to fairness”, the corporate mentioned on the time.
Petrofac emphasised on the time that it was engaged in discussions with lenders to safe the mandatory assurances. The corporate mentioned that this motion would additionally unlock over $200 million of collateral and retentions.
“This improvement comes as the corporate continues to handle its cost obligations to protect liquidity while progressing the opposite parts of the restructuring with different stakeholders,” Petrofac mentioned on the time.
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