Petrofac shareholders and creditors back restructuring plan

Published 28/04/2025, 14:02
Petrofac shareholders and creditors back restructuring plan

LONDON - Petrofac (LON:PFC) Limited, an international service provider to the energy industry, announced on Monday that its shareholders and creditors have shown strong support for its restructuring plan. The general meeting and creditor meetings, which are crucial steps for the plan’s implementation, concluded with a majority voting in favor.

During the general meeting held on Monday, all proposed resolutions received overwhelming approval from shareholders. The resolutions covered a range of corporate actions including the issuance of new shares and warrants, alterations to pre-emption rights, and changes to the company’s authorized share capital and borrowing level. The total votes cast represented 36.35% of the share register, with the highest approval rate being 98.54% for the company’s level of borrowing.

The results from the creditor meetings, which took place on April 23, 2025, indicated a high level of support, especially from secured creditors who unanimously backed the restructuring plans. Nine out of twelve creditor classes voted in favor, with the dissenting votes coming from classes connected to the Thai Oil Clean Fuels Project. These objections are expected to be addressed at the upcoming Sanction Hearing scheduled from April 30 to May 2, 2025, at the High Court of Justice in England.

The turnout for the creditor meetings was notably high, with all classes exceeding a 95% participation rate. The Senior Secured Funded Class saw over an 88% turnout, emphasizing the stakeholders’ engagement in the restructuring process.

The company’s restructuring plan is seen as an essential move to stabilize its financial position and continue its operations in the energy sector. Petrofac has a significant presence in the Middle East and North Africa (MENA) region and the UK North Sea, with a workforce of 8,000 employees spanning 31 offices worldwide.

The detailed voting results of the general meeting and plan creditor meetings will be available on Petrofac’s website, and the resolutions will also be submitted to the Financial Conduct Authority’s national storage mechanism.

This report is based on a press release statement from Petrofac Limited and does not include any additional commentary or speculative information.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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