29th Jan 2016 17:33
LONDON (Alliance News) - Petroceltic International PLC late Friday said it has been granted another debt repayment extension until early next month.
The latest extension runs until February 5, but the company reiterated its lenders have indicated they are willing to consider other waivers in the future whilst it conducts its strategic review.
Petroceltic initiated a formal strategic review of the business and its assets back in December as the company continued to struggle to make repayments under its senior bank facility due to a drop in oil prices, reduction in capital investment programmes in Egypt and Bulgaria, and adjustments to reserves.
A substantial shareholder in the company, Worldview Capital Management Ltd, said it was considering making a takeover bid for the company earlier this week after campaigning aggressively for change at the top of the company.
Petroceltic shares closed up 41.5% to 23.0 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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