Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

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..

Giles_55af4ddca6481.jpg


Register here to be notified of future PCI Company articles
View full PCI profile View Profile

Petroceltic International PLC Timeline

Related Articles

picture of oil wells
November 01 2016
Investors were impressed by the progress sending the shares up by 37% at one point, before they settled back down to a 14% rise to 3.45p
oil barrels in a stack
February 21 2017
Oil is flowing from the Opuama field into the market, now that Eland has established a shipping operation.
Hurricane Energy CEO, DR Robert Trice onboard offshore drilling rig
February 07 2017
300mln barrels is "too conservative" an estimate for the West of Shetland discovery, experts reckon there could be more than 1bn barrels, but investors will just have to wait and see just how much crude is in the Lancaster field.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use