Member Info for TheJanbo

Looks like Millennium have moved on. Only 2 short positions held.

Commenting on the award, Group Chief Executive, Tareq Kawash said: ??

PETROFAC EXTENDS FORBEARANCE AGREEMENT

The Group announces that it has extended its existing forbearance agreement in respect of the non-payment of the interest coupon on its senior secured notes from 18 October to 15 November 2024.

The forbearance agreement is entered into by an ad hoc group of noteholders representing approximately 47% of the outstanding senior secured notes and certain other acceding noteholders.

The Board and management continue to work constructively with the Company’s creditors, key clients and other stakeholders to conclude due diligence and agree and finalise terms and conditions of its proposed financial restructure.

The Company aims to announce a lock-up agreement with final terms in the coming weeks. As previously communicated, the Group continues to closely manage its financial and commercial payment obligations. This includes the outstanding balances on its revolving credit facility and term loans which the Company does not expect to pay at their maturity on 25 October 2024.

The attention of investors is drawn to the Company’s previous market announcements for additional information surrounding the proposed financial restructure. Further information will be shared as appropriate.

ENDS

Not sure. Bonds have tanked.

Millennium increased to 1.31% on the 4th October. Go figure.

9% down on Bonds...anyone know why?

Why would you grab some now? Is it not better to wait until the restructuring is formalised?

Highly likely Shorts will use this opportunity to reduce their holdings.

3.5% drop by 9:00am?

Good to see the Bonds steadily climbing too.

If insolvency was so nailed on the Bond Holders would’ve pulled the plug a long time ago. They clearly have visibility of plans, payment schedules, revenue forecasts etc that 47% are content with. Bottom line, only the BoD and the Bond Holders know the position. Most on here are just speculating.

No Mav…when you mention gaps the SP falls lolol

Astaris getting out of dodge. I hope their fellow shorts follow suit and bugger off.

I hope no one get suckered with the 22p ramp.

I just want a resolution no matter what. It's dragging on and it seems like death by a thousand cuts.

Put all of us out of misery!

So roughly 36m shares over the reporting threshold to go.

Someone knows something otherwise shorts would dig in.

GLA

Nonsense.

Thai oil project milestone payments. Sale of assets. Contract Start-up payments. There’s 3 for starters.

Need Helikon to follow suit.

You have different data to me:

https://www.boerse-frankfurt.de/bond/usg7052taf87-petrofac-ltd-9-75-21-26

Bonds are down 0.21% today. First daily decline in a couple weeks. Only small mind you.