LONDON (Alliance News) - Petroceltic International PLC on Monday said it has asked for its shares to be suspended due to the "significant uncertainties" within the company.
Worldview EHS International Master Fund, which has a 13.7% stake in the company, launched a petition to the Irish Court last week after a takeover bid for the company launched by Worldview Capital Management SA was rejected last week.
That petition has placed the company and its subsidiaries under protection from its creditors, and a hearing will take place next month, when a decision will be made whether or not to appoint an examiner to the company to try to create a sustainable business model.
Petroceltic did not authorise the petition launched by its shareholder, and reiterated Monday it is seeking legal advice. However, Petroceltic also said it had "substantially agreed" with its lenders to secure another extension to its debt repayment deadline, but that the agreement could not be finalised due to the petition launched by Worldview.
The court hearing will be held on April 4.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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