3 Mar 2015 17:11
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Don't have an account? Click here to register.Afren placed in administration after refinancing talks fail
Fri, 31st Jul 2015 12:29
(ShareCast News) - Embattled African oil company Afren, which earlier in July suspended its shares amid uncertainty over its financial position, has been placed into administration as it failed to agree a refinancing with its Pimco-led group of lenders.Despite three months being given $200m in emergency funding, Afren has been deep in talks with its lending banks, bondholders and other partners after production plunged at its Ebok oil field.After losing finance director Darra Comyn, hiring a new chief executive in Alan Linn, and further reshuffling the board, directors said on Friday that they now believe that "all the possible routes" had been explored during these talks but they have "failed to deliver support" for a new refinancing and restructuring deal to enable the company to pay its debts.As a result, the board has decided to call in administrators from AlixPartner.Shares in Afren remain suspended.
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Sunday newspaper round-up: Opec, HSBC, Afren bid battle
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FTSE 250 movers: Afren hit by rescue deal talks, Hunting rises on upgrade
Afren came top of the fallers as the company revealed it was in rescue deal discussions with bondholders and other lenders after last week's announcement that talks for a combination with Seplat Petroleum had been terminated. The company said it was continuing discussions with the advisers to its la
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London close: FTSE closing in on record high as commodity stocks rally
UK stocks jumped on Friday as rising commodity prices lifted shares in the oil and mining sectors, while hopes increased that Europe can come to an agreement over the future of Greece. The FTSE 100 rose 0.7% to 6,873.52 by the end of trade, its best finish since early September 2014. The index is no
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Afren plummets after calling off talks with Seplat
Oil explorer Afren has called off negotiations with Seplat Petroleum regarding a possible bid for the company. On 22 December Seplat tabled what was described as a highly preliminary proposal to acquire Afren. Under the UK Takeover Code Seplat was required to either announce its firm intention to p
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