2nd Mar 2015 07:44
LONDON (Alliance News) - Afren PLC on Monday said it has secured a further deferral on payments owed to its lenders and said it remains in talks with its bondholders and potential third party financiers to secure its financial position.
The embattled oil explorer said it has secured a further deferral of the USD50 million amortisation payment due on the USD300 million Ebok lending facility to March 31. The payment had been due on January 31.
The company also said it is continuing to utilise a 30-day grace period under its 2016 bonds regarding USD15 million in interest which had been due on February 1 as it works to complete an ongoing review of its capital structure and as it explores alternative funding options.
Afren said it remains in "constructive discussions" with the advisers to and members of the ad hoc committee of bondholders regarding the immediate liquidity and funding needs of the business. It said it is also in talks with other stakeholders and new third party investors on recapitalising the business.
Afren said it will make further announcements in due course regarding its funding.
By Sam Unsted; [email protected]; @SamUAtAlliance
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