25th May 2016 16:26
LONDON (Alliance News) - Worldview Capital Management SA will formally take control over Petroceltic International PLC and all of its associated subsidiaries after the Petroceltic formally signed an investment agreement on Wednesday.
Petroceltic is currently under court protection and has had an examiner appointed to the firm by Irish courts tasked with finding a way for the company to survive whilst addressing its crippling levels of debt.
Petroceltic's largest shareholder, Worldview, has made several previous attempts to takeover the company in the past, all of which were unsuccessful, but was chosen as the preferred bidder for the company by the examiner earlier this month.
Petroceltic said Wednesday that it has now signed the investment agreement, which it previously said would "result in Worldview taking control of the entire group".
"The investment agreement in relation to the petition companies (Petroceltic and its subsidiaries) has now been signed and the relevant meetings of members and creditor classes have been convened for Monday 30 May 2016," said Petroceltic.
If all goes to plan, the examinership process should be concluded by the middle of June.
Petroceltic shares are currently suspended.
By Joshua Warner; [email protected]; @JoshAlliance
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