Petroceltic Intnl - Examinership Process Update
Examinership Process Update
The Examiner has conducted a sales and investment process which required best and final offers, accompanied by adequate proof of funding, to be made by early May. Following this process, the Examiner has selected Worldview International Management Limited SEZC ("Worldview") as the successful investor and expects to proceed to sign an Investment Agreement over the coming days which will result in Worldview taking control of the entire Group including those companies outside of the examinership process. Upon signature of this agreement, the Examiner will convene the various meetings of shareholder and creditor classes to vote on the proposed Scheme of Arrangement towards the end of May. Subject to Court approval, the examinership process is expected to conclude in early June.
The Examiner reserves the right to alter or terminate the investment process at any time prior to the signing of the Investment Agreement. No warranties will be given as part of the sale process.
Further updates will be provided in due course.
For further information, please contact:
Tel: +353 (1) 421 8300
Davy Corporate Finance:
Tel: +353 (1) 679 7788
Tel: +44 (20)3772 2500
Tel: +353 (1) 498 0300
Note on Examinership
The day to day operations of the Petition Companies continue and existing management remains in place.
While the Petition Companies come within the examinership process, the powers and duties of the directors remain and, in particular, the directors can continue to manage and control the day to day operations of the Petition Companies, including pursuant to the Group's strategic review announced on
This information is provided by RNS
Quick facts: Petroceltic International PLC
Market Cap: -
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE