Africa

Afren, the London-listed, Africa-focused oil exploration company, has heralded its initial agreement with a group of lenders and bondholders as the only way to avoid default.

Struggling Afren is in talks with bondholders to restructure its Eurobonds due 2016. The company missed a coupon payment on its February 2016s earlier this month.

Afren, the Africa-focused oil exploration company listed on the London Stock Exchange, has obtained a second deferral from lenders on a $50m loan amortisation payment.

Afren, the Africa-focused oil exploration company listed on the London Stock Exchange, has avoided default on a $300m loan after obtaining a deferral from banks on the $50m amortisation payment that was due on Saturday January 31 for its Ebok debt facility.