Petrofac’s Restructuring Talks in Limbo as Debt Deadline Nears
- Agreement to delay its bond payments expires on July 25
- Energy services firm needs new funds, performance guarantees
This article is for subscribers only.
UK energy services company Petrofac Ltd is running out of time to agree a debt deal with creditors, after months of talks have failed to produce a definitive agreement.
The London-based firm missed a bond payment in May and has until July 25 to find a solution with creditors. Failure to do so could lead to an extension of the deadline, or force the company to immediately repay debt.