leadf
logo-loader
viewPetroceltic International PLC

Worldview to take control of Petroceltic International

Worldview is the group's largest shareholder and main creditor - now Petroceltic's examiner has approved the group's investment proposal.

oil and gas worker, turning valve
The examinership process is expected to conclude in June

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.

Quick facts: Petroceltic International PLC

Price: - -

AIM:PCI
Market: AIM
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

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

First Cobalt Corp takes step forward the Cobalt Camp with the start of...

First Cobalt Corp (CVE: FCC- OTCQX: FTSSF) Vice President of Exploration Frank Santaguida joined Steve Darling from Proactive to shares news the company is getting to work starting a geophysical survey to follow up on high-grade silver and cobalt intercepts in a historic mining area of the...

13 hours, 41 minutes ago

2 min read