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Petrofac’s Debt Restructuring Talks Make Little Progress

July 12, 2024

Distressed/Defaulted Bonds

Petrofac’s restructuring talks have faced a deadlock between creditors and financial institutions. Creditors want financial institutions to give performance guarantees before they provide rescue financing while banks and other providers want to do so only if the company’s capital structure is made more sustainable, as per sources. Petrofac earlier missed a bond payment earlier in May and has until July 25 to arrive at a deal with creditors. If it fails to do so, the company may have to immediately repay the debt or possibly extend the deadline. While bondholders have offered up to $200mn of new financing and another $100mn of credit support, the deal is contingent on securing these performance guarantees.

Over the past year, Petrofac’s 9.75% 2026s have dropped from nearly 80 to trade at deeply distressed levels of 17.5 cents on the dollar.

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