Petrofac (GB:PFC) has released an update.
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Petrofac Limited has announced an in-principle agreement for a significant financial restructuring aimed at strengthening its balance sheet and improving liquidity. This move includes new funding, a substantial debt-to-equity conversion, and arrangements with key clients to protect contracts and release retentions. The restructuring is subject to various conditions, including agreement with lenders, shareholder resolutions, and court sanction, but represents a major step towards ensuring the company’s future growth and stability.
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