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0 0 0.0950661853188929 0 0.106028880866426 0.0830324909747291 0.0403128760529482 0.0469314079422381
Stock impact report

Petrofac Plans to Undergo Financial Restructuring to Boost Liquidity [Yahoo! Finance]

PETROFAC LTD UNSP/ADR (POFCY) 
NASDAQ:AMEX Investor Relations: petrofac.com/en-gb/investors
Company Research Source: Yahoo! Finance
The company has reached an agreement with a few important stakeholders and decided to convert a significant portion of its debt into equity. This move is anticipated to result in the dilution of its existing shareholders. Per the terms of the agreement, the company shall receive funding underwritten by a group of senior secured noteholders. Furthermore, Petrofac will receive fresh equity from both new and existing investors. This financial restructuring plan is anticipated to improve Petrofac's liquidity position and strengthen its financial position. The in-principle agreement involved key stakeholders, including a group of senior secured noteholders and certain clients who have secured engineering and construction contracts with the company. The noteholders represent nearly 47% of the outstanding notes. POFCY is also in talks with its bank lenders and two of its majority shareholders, who cumulatively own 34% of its shares. The deal is non-binding at present. However, Petrofac m Show less Read more
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