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Leed approaches unsatisfactory

Tue, 22nd Feb 2011 10:36

AIM-quoted Leed Petroleum says that there are a number of parties interested in buying some or all of its principle oil and gas assets but none of the proposals has been good enough to put the company on a more secure financial footing. The approaches came about after Macquarie Tristone was appointed to undertake a strategic review of the Gulf of Mexico-focused business. There were also offers of potential investment in assets. The stumbling block is the UniCredit Bank facility, which requires a $12m repayment by the end of March 2011. None of these proposals would provide enough cash for the repayment. Leed has entered discussions with UniCredit and potential asset acquires and investors in order to try to gain a restructuring of its facility.