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Petroceltic International PLC says High Court appoints interim examiner

The Irish High Court has appointed an interim examiner to oil and gas group Petroceltic International PLC (LON:PCI)
Petroceltic International PLC says High Court appoints interim examiner
On March 4, bidder Worldview presented a petition to the High Court to appoint an examiner to Petroceltic and to give it court protection from creditors.

The Irish High Court has appointed an interim examiner to oil and gas group Petroceltic International PLC (LON:PCI).

Michael McAteer of Grant Thornton will be interim examiner to petition firms - Petroceltic International plc, Petroceltic Investments Limited and Petroceltic Ain Tsila Limited.

On March 4, bidder Worldview presented a petition to the High Court to appoint an examiner to Petroceltic and to give it court protection from creditors.

The Petition Companies are now subject to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 of Ireland, Petroceltic said. The full hearing of the petition will be on April 4.

Petroceltic currently owes some $218mln to its lenders, under a senior bank facility and the group has recently been granted waivers on debt repayments whilst it conducts a strategic review process.

Worldview is Petroceltic’s largest shareholder with a 29% stake. Its subsidiary Sunny Hill has made an offer worth 3p per share for the outstanding shares.

Petroceltic shares are suspended..

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