(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…

Cape Town, South Africa — Eight former African Heads of State and Government have signed the Cape Town Declaration, calling for critical debt relief for highly indebted nations and advocating for lower borrowing costs for all developing countries. The declaration was signed at the launch of the African Leaders Debt Relief Initiative (ALDRI), which reflects the leaders’ commitment to rallying for a comprehensive debt relief strategy for countries in dire financial situations.

The launch of the initiative took place on the sidelines of the first G20 Finance Ministers’ meeting in Cape Town, where the South African G20 Presidency has made debt sustainability a central focus. The declaration also aligns with the African Union’s Agenda…

VRYHEIDSFRONT PLUS / FREEDOM FRONT PLUS

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