Tullow Oil Sinks to Record Low on Debt Refinancing Concerns

Tullow Oil Plc sank to a record low, with trading of the shares briefly halted in London, after the company said it’s contemplating alternatives to refinance its looming debt maturities.

The stock plunged as much as 35% to 5.55 pence, the lowest since trading began in 1989, over fears that a potential debt deal could hurt shareholders. Tullow’s bonds maturing next May dropped 7 cents to around 79 cents on the dollar, according to data complied by Bloomberg.