Struggling energy infrastructure company Petrofac has announced its proposed restructuring will result in “no residual value” for existing shareholders.
Petrofac, which had warned at the start of October that efforts to support operational capabilities might leave shareholders empty handed, confirmed on Friday that this would be the case.
The company, whose shares were suspended from trade in London in May after a failure to publish its 2024 results on time, is now focused on completing its restructuring before the end of November, which involves restructuring outstanding debt, reallocating equity and securing new funding.
“It has made very good progress towards implementation, and expects to shortly conclude a lock up agreement in respect of the identified implementation route, which will support the group’s operational capability and ongoing delivery,” the company said.
Further details are expected in the coming days.
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