(MENAFN- ProactiveInvestors - UK) Oil and gas group Petroceltic International PLC (LON:PCI) has suspended its shares on AIM and in Ireland while a pre-bankruptcy application is heard.
Bidder Worldview presented a petition to the High Court of Ireland to appoint an examiner to Petroceltic and to give it court protection from creditors. Petroceltic said the petition was made without any prior consultation with or advice to the company and it is taking legal advice in relation to the petition.
It had already substantially agreed to a loan waiver with its senior lenders until 18 March but this waiver could not be concluded in light of the presentation of the petition.
Petroceltic currently owes some $218mln to its lenders under a senior bank facility and the group has recently been granted waivers on debt repayments whilst it conducts a strategic review process.
The full hearing of the petition has been adjourned until 4 April. The Court did not appoint an interim examiner but did grant the full protection of the examinership process to the petition companies. Worldview is Petroceltic's largest shareholder with a 29% stake. Its subsidiary Sunny Hill has made an offer worth 3p per share for the outstanding shares.
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