Corral Petroleum stays alive with second PIK restructuring
A majority of holders of Corral Petroleum’s two senior secured PIK notes, maturing in five days’ time, have accepted the company’s exchange offer and consent solicitation – preventing the Swedish oil refiner from a disorderly default.
Holders of 98.88% of Corrals notes worth 221m and $250m at launch had accepted the exchange by the time the offer expired on Friday, according to a company statement on Monday. The PIK notes are due to mature on Sunday September 18.
The existing notes tendered will
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