Hurricane Energy, the oil and gas producer once considered a bright hope for the UK North Sea, has failed to push through a controversial financial restructuring that would have virtually wiped out its shareholders.
The UKs High Court ruled on Monday it would not sanction the plan, which would have handed control to Hurricanes bondholders in exchange for forgiving $50m of debt and extending the maturity date on a further $180m of bonds due to be repaid in July next year.
The plan had been extremely unpopular with shareholders, including activist fund Crystal Amber, Hurricanes second-largest investor with a stake of more than 11 per cent.
However, management led by chief executive Antony Maris had argued it was a necessary step to secur…
Read the full article at: https://www.ft.com/content/789dc4e3-e68f-4469-a1cb-af0906d85c29