IOG plc - Administration

IOG plc, the parent of a group of companies operating a portfolio of offshore gas fields, entered administration on 11 October. The company recently made headlines after the North Sea Transition Authority refused to extend two of the company’s gas development licenses. Chad Griffin and Ian Corfield of FRP Advisory were appointed joint administrators and are engaging in discussions with the company’s senior secured bondholders and other creditors regarding available options, including a potential restructuring to protect the operating subsidiaries which are not in administration. Nordic Trustee AS has registered charges against the company.