(Bloomberg) — Creditors to Petrofac Ltd are opposing its debt restructuring, a proposal the oil services firm says it needs to prevent its collapse into liquidation.
Saipem Spa and Samsung E&A Co Ltd argue that they are the primary targets of the prospective restructuring, given they are “very substantial actual and contingent creditors” of Petrofac to the tune of “hundreds of millions of dollars.”
The plan would see liabilities related to a Thai engineering project written off in exchange for a nominal payment, according to a filing to a London court by the two parties.
Petrofac is seeking legal permission to convene creditor meetings to vote on the plan. It argues that in the absence of a restructuring, there will be…
