Petrofac (Petrofac Limited (LSE:PFC)) told investors it extended a forbearance agreement with 47% of holders of senior secured notes, which allows it more time to work on its ongoing financial restructuring.
The consenting noteholders agree not to take any action in respect of the non-payment of the note’s interest coupon until at least 20 September 2024.
Petrofac shares were restored for trading in London back in June, following the publication of delayed results, and, in July, it announced an altered contract with a key customer, ‘curing’ a default notice from said customer, and at the same time in entered into the forbearance agreement with the consenting noteholders.