Monday 5 December 2016

Petroceltic granted further waiver on debt repayments

Published 08/02/2016 | 07:56

Brian O'Cathain, CEO of embattled Petroceltic Photo: Paul Sharp
Brian O'Cathain, CEO of embattled Petroceltic Photo: Paul Sharp

Petroceltic, the stricken oil and gas explorer, has been granted a further waiver on its bank repayments up to February 19.

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The firm, which has been hit significantly by plummeting oil prices, has listed itself for sale and is on the brink of breaking bank covenants.

In a statement released to shareholders this morning Petroceltic, which is headed up by Brian O'Cathain, said that it was granted the waiver under its senior bank facility.

Petroceltic says that its lenders is open to considering further waivers, which may be required to continue the strategic review process.

With the firm up for sale, it is believed that Petroceltic's largest shareholder, Worldview Capital Management, is contemplating an all-cash offer for it.

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