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- Petrofac (LSE:PFC) - Case Update
Petrofac (LSE:PFC) - Case Update

Oilfield services provider Petrofac is one step closer to implementing its Part 26A restructuring plan, securing court approval of its proposed creditor class composition.
In late December, the company announced that it had entered into a lock-up agreement with key stakeholders on a financial restructuring plan. The restructuring is expected to result in an immediate increase in liquidity of at least US$195 million through the injection of US$325 million in new funding and the conversion of approximately US$772 million of existing debt into equity.
On 20 March, the court approved the creditor class composition proposed in the restructuring plan and ordered the convening of creditor meetings. The sanction hearing is scheduled to take place in about a month (between 30 April and 2 May), and the restructuring effective date is expected to occur shortly thereafter.
The company also advised that it has appointed restructuring expert Jon Yorke to act as an independent representative for retail investors. The restructuring plan includes a settlement fund that has been created for affected shareholders as part of this process, and Mr Yorke has been appointed to engage with retail investors on their claims and the terms of the restructuring plan.
Read the update here.