Corral Petroleum stays alive with second PIK restructuring

13 Sep 2011

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 Corral’s 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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