San Antonio Rolls Out Restructuring

Aug 31, 2010

San Antonio International, the E&P operator controlled by Brazilian private equity firm GP Investments, has agreed to restructure $626m in debt, including extending maturities, swapping debt for equity and raising new equity. The company will issue $112m in new equity, currently being subscribed by investors in a private offering for existing shareholders and an undisclosed new investor. Proceeds will be used to repay $107m in debt. Separately, certain creditors have...

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