Key Highlights from the Report
- Event of Default Declared: The bond trustee for Lime Petroleum Holding AS (“LPH”) has formally notified bondholders that an Event of Default has occurred and is ongoing in respect of LPH’s 2027 and 2028 bonds.
- Reasons for Default: The default arises mainly due to deferred payments of trade payables beyond agreed settlement terms, non-payment to certain service providers (which could breach licence documents), and LPH’s inability to pay its debts as they become due. Under the bond terms, this situation constitutes insolvency.
- Ongoing Negotiations: LPH is currently in discussions with a…