Petrofac delays results as it progresses restructuring plan

(Sharecast News) - Petrofac said in an update on Friday that a UK court has approved the proposed creditor class composition for its financial restructuring plan, allowing it to proceed with creditor meetings. The London-listed firm said a sanction hearing was scheduled to take place between 30 April and 2 May, with the restructuring expected to become effective shortly thereafter.

As a result, Petrofac said it had postponed the publication of its audited 2024 results until after the restructuring was complete.

Trading in the company's shares would be temporarily suspended from 1 May, in line with listing requirements, and would resume once the results were released.

The company also confirmed that the subscription period opened on 12 March, enabling secured creditors to participate in the new money options set out in the restructuring plan.

In addition, Petrofac reiterated its support for retail shareholders potentially affected by the restructuring.

It encouraged those who held shares between 7 October 2005 and 5 October 2021 to contact independent representative Jon Yorke to assess whether they could have a claim, noting that doing so would not affect their legal rights.

At 0839 GMT, shares in Petrofac were up 0.16% at 6.12p.

Reporting by Josh White for Sharecast.com.