Advertisement
Canada markets closed

  • S&P/TSX

    23,956.82
    -77.01 (-0.32%)
     

  • S&P 500

    5,738.17
    -7.20 (-0.13%)
     

  • DOW

    42,313.00
    +137.89 (+0.33%)
     

  • CAD/USD

    0.7401
    -0.0025 (-0.33%)
     

  • CRUDE OIL

    68.64
    +0.97 (+1.43%)
     

  • Bitcoin CAD

    89,047.14
    +1,325.66 (+1.51%)
     

  • XRP CAD

    0.79
    -0.01 (-0.72%)
     

  • GOLD FUTURES

    2,680.80
    -14.10 (-0.52%)
     

  • RUSSELL 2000

    2,224.70
    +14.83 (+0.67%)
     

  • 10-Yr Bond

    3.7490
    -0.0420 (-1.11%)
     

  • NASDAQ

    18,119.59
    -70.70 (-0.39%)
     

  • VOLATILITY

    16.96
    +1.59 (+10.34%)
     

  • FTSE

    8,320.76
    +35.85 (+0.43%)
     

  • NIKKEI 225

    39,829.56
    +903.93 (+2.32%)
     

  • CAD/EUR

    0.6625
    -0.0016 (-0.24%)
     

UK's Petrofac strikes in-principle deal to restructure finances

Reuters
·1 min read

(Reuters) -London-listed oilfield services provider Petrofac said on Friday it had reached an in-principle agreement with some of its key stakeholders for a financial restructuring.

The proposed restructuring involves raising funds through equity financing and conversion of most of its debt into equity.

Petrofac, grappling with widening losses, payment delays and mounting costs, expects the restructuring to provide the much-needed liquidity to support its order book.

The company had also extended the deadline on missed interest payments for its $600 million senior secured notes.

Petrofac said it expects to announce a lock-up agreement with final terms in the coming weeks.

(Reporting by Raechel Thankam Job; Editing by Alan Barona and Shilpi Majumdar)