Friday 24 March 2017

Battle for Petroceltic control approaching endgame after dissident shareholder buy

Brian O'Cathain, CEO Petroceltic
Brian O'Cathain, CEO Petroceltic
Donal O'Donovan

Donal O'Donovan

The battle for control of Petroceltic looks to be approaching its endgame after dissident shareholder Worldview bought more than two thirds of the company’s senior debt.

Worldview, which has already successfully initiated a campaign to have Petroceltic taken into examinership is now both the biggest lender and the biggest shareholder of the stricken business. 

Sunny Hill, a company wholly owned by the Worldview, said today that it has acquired 69.44pc. of the Petroceltic Group's $232.5m of debt.

The debt has been bought at a “significant discount to face value”, Worldview said.

That means banks have taken a loss to exit the business, and bodes badly for remaining shareholders.

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