Petroceltic International has acquired most of Worldview’s debt in a bid to move towards a financial restructuring.
The company said it had acquired 69.44% and intends to approach Petroceltic and the interim examiner with a proposal to restructure the Senior Bank Facility as part of a wider restructuring of Petroceltic’s capital structure to an examinership scheme of arrangement or as a standalone restructuring.
The move could lead to the potential conversion of a significant proportion of the outstanding debt into new ordinary shares in the capital of Petroceltic.