Petrofac (GB:PFC) has released an update.
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Petrofac has announced the extension of its forbearance agreement with noteholders until 25 July 2024, which aims to provide additional time to advance the company’s financial restructuring. This move, supported by an ad hoc group of noteholders representing 47% of the outstanding senior secured notes, is designed to strengthen Petrofac’s balance sheet and improve liquidity. The agreement also ensures noteholders will not take action over the non-payment of an interest coupon as the company continues to work on securing performance guarantees for its engineering and construction contracts.
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