Zhaikmunai turns to equity market after loan cut-off

Zhaikmunai, the London-listed Kazakh oil and gas explorer, launched a $300m capital increase on Wednesday after revealing it had triggered several events of defaults on its outstanding bank loans. The company has had its access to the final $100m of a $550m facility cut off because of the breaches on the deal, and is in talks with lenders about possible waivers.