Worldview International is set to take control of Petroceltic International Plc (LON:PCI) as it proceeds with a new investment agreement, which has been backed by the company’s examiner.
Petroceltic was put into examinership - an Irish bankruptcy protection process similar to America’s Chapter 11 bankruptcy - in March.
Michael McAteer of Grant Thornton, the appointed examiner, conducted a sales and investment process requiring best and final offers in early May, along with proof of funding.
And McAteer has decided to approve the Worldview proposal.
The examinership process is now expected to conclude in June, after the Worldview investment agreement is signed and the examiner has convened meeting between shareholders and creditors to vote on a scheme of arrangement.
Worldview owned some 29% of Petroceltic's shares and had a long running dispute with the group’s senior management.
After Petroceltic failed to refinance its US$230mln debt, Worldview ended up acquiring the debt from the company’s lenders at a discount – before 32% of it to an independent third party investor.
Subsequently, Worldview owned 69.44% of Petroceltic’s senior debt and is now its largest shareholder and main creditor.