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

Petrofac

27/09/2024 19:04

(Adds details and background in paragraphs 2-5)
       Sept 27 (Reuters) - London-listed oilfield services
provider Petrofac  PFC.L  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)
 ((RaechelThankam.Job@thomsonreuters.com))