The High Court of England and Wales has approved Petrofac’s restructuring plan, the engineering firm said May 20. The plan had the “overwhelming support of shareholders and the majority of creditor classes,” Petrofac said.
The plan will unlock $355mn of new funding and slash company debt, materially strengthening its financial position, Petrofac said.
The company said it can now “move forward with renewed confidence, bolstered by a sustainable financial platform, a robust backlog of existing contracts, and a healthy pipeline of future opportunities.”
Read the full news story on Petrofac’s website here
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