UK's Petrofac hits record low as lender approval for restructuring plan pending

Petrofac

23/12/2024 08:44

** Shares of oilfield services provider Petrofac  PFC.L 
fall 31.4% to 7 pence, its all-time low
    ** Stock top loser on the FTSE smallcap index  .FTSC , which
is down 0.1%
    ** Co on Sunday entered into binding agreement with
financial creditors on terms of comprehensive restructuring
    ** PFC said, while 37% of shareholders have committed to
voting in favor at general meeting, bank lenders have yet to
sign the agreement
    ** Co added that group's ability to continue as going
concern is contingent on implementation of restructuring and if
restructuring is not implemented, co would likely enter into
liquidation proceedings
    ** As of last close, stock down 72.4% YTD




 (Reporting by DhanushVignesh Babu in Bengaluru)
 ((DhanushVignesh.Babu@thomsonreuters.com;))