Petrofac is holding its Annual General Meeting today. Alongside this event, the Company provides the following update.
Extension of forbearance agreement
The Group confirms that it has extended its existing forbearance agreement in respect of the non-payment of the interest coupon on its senior secured notes from 20 September to 18 October 2024.
The forbearance agreement is entered into by an ad hoc group of noteholders representing approximately 47% of the outstanding senior secured notes and certain other acceding noteholders. It provides assurance that these noteholders will not take action in respect of the non-payment of the coupon until at least 18 October 2024, allowing additional time for the Group’s financial restructuring to be progressed.
Further announcements will be made as appropriate.
Source: Petrofac
