Mexico will use $13.6 billion from a central bank surplus to pay down debt and boost its rainy day fund, shoring up finances as it prepares a support plan for the beleaguered state oil company Petroleos Mexicanos. The Finance Ministry will spend 167 billion pesos ($9.5 billion) of the transfer to buy back debt and… Continue Reading »
SandRidge Energy Inc confirmed on Wednesday it has hired advisers to evaluate options including a bankruptcy filing, in what could be the most high-profile reorganization yet in U.S. shale oil industry. The company, battered by a 60 percent slide in oil prices since mid-2014, said in a regulatory filing there was substantial doubt about its… Continue Reading »
U.S. energy companies facing a likely cut in their bank loans are seeking a costly alternative – borrowing from private equity firms at hefty interest rates to stay alive for longer. In a sign of the times, U.S. oil and gas producer Clayton Williams Energy Inc said this month it was borrowing $350 million from… Continue Reading »
State-run oil company Pemex said on Tuesday it had set up lines of credit with Mexico’s development banks to improve liquidity and start paying back billions of dollars in debt to suppliers, as the firm seeks to repair finances hit by a rout in crude prices. Pemex has deferred payments to dozens of suppliers and… Continue Reading »
Houston-based Goodrich Petroleum is relying on a 30-day grace period to delay $11 million in March and April interest payments on senior and second-lien senior secured notes. Goodrich has initiated an exchange offering on its outstanding unsecured notes and preferred stock for shares of the company’s common stock. Success of the exchange offering is critical… Continue Reading »
Oslo-listed Solstad Offshore, has recorded a loss of NOK 1.34 billion ($155.7 million) for the fourth quarter of 2015 due to fleet value write-downs and currency losses. Namely, Solstad has decided to write down the fleet value by a total of NOK 1,221 million in the fourth quarter. Total impairment for the year was NOK… Continue Reading »
Island Offshore has reached an agreement in principle on the terms of a proposed restructuring with certain of its main lenders and an ad hoc group of bondholders in its NOK 700 million senior unsecured callable bond issue. The company informed on Wednesday that if approved by all relevant stakeholders, the restructuring will include, inter… Continue Reading »
SandRidge Energy Inc, a U.S. shale producer struggling to weather a steep fall in oil prices, said on Wednesday that it will not make interest payments on some of its debt and use its 30-day grace period to negotiate with its bondholders. The Oklahoma City-based company, which last month said it hired restructuring experts as… Continue Reading »
Iran’s oil minister said foreign oil companies that owe his country billions of dollars are likely to settle their debts in euros. Greece’s Hellenic Petroleum, Italy’s Saras and Royal Dutch Shell owe Iran about $4 billion which will be paid back in euros, Iranian Oil Minister Bijan Zangeneh was cited by the ministry’s news agency… Continue Reading »
Chesapeake Energy Corp. said it has no plans to seek bankruptcy protection, dismissing a report that wiped out half the U.S. natural gas driller’s value. Kirkland & Ellis LLP has served as one of Chesapeake’s counsel since 2010 and continues to advise the company as it seeks to further strengthen its balance sheet following its… Continue Reading »
