4th Apr 2016 17:14
LONDON (Alliance News) - Worldview Capital Management SA's Sunny Hill Ltd Monday said it has disposed some of the outstanding balance owned by Petroceltic International PLC to an unnamed third party investor.
Sunny Hill Ltd, which is owned by Worldview Economic Fund, said it has disposed of 32% of the outstanding balance owed by Petroceltic, leaving it interested in 37.4% of the senior bank facility.
Petroceltic is currently under protection from its creditors following Worldview's submission of a petition to the Irish Court to appoint an examiner to the company with a view of restructuring its senior debt facility and the wider business in order to create a sustainable business.
Worldview Economic Recovery Fund had acquired 69% of Petroceltic's outstanding senior debt back in March, purchasing it at a significant discount to its face value. The total amount owed by Petroceltic on March 9, the day before Worldview made that purchase, stood at USD232.5 million, with Worldview buying around USD160.4 million.
When Worldview purchased that debt, it said it was planning on working with Petroceltic and the interim examiner, Michael McAteer of Grant Thornton Ireland, to progress the restructuring of the debt.
Worldview launched the petition to place Petroceltic under protection only hours after its takeover bid for the company was rejected by a fellow shareholder earlier this year and only a matter of days before the deadline by which Petroceltic was due to repay the debt.
Worldview, with a 29.6% stake in troubled Petroceltic, needed to gain acceptance from a minimum of 90% of the shareholding of the company for its takeover offer to go through, but another company holding a 19.2% stake in Petroceltic rejected the offer.
Skye Investments Ltd is chaired by Petroceltic Chairman Robert Adair, and said it rejected the offer from Worldview because it significantly undervalued the business.
Petroceltic shares are currently suspended.
By Joshua Warner; [email protected]; @JoshAlliance
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