Lupatech extends restructuring deadline

Lupatech extends restructuring deadline

Corporate & Sovereign Strategy

Lupatech has extended a deadline for bondholders to agree to the restructuring plan it announced in November, to January 10. It cited year-end holidays and creditor requests for the 15-day extension. The oil and gas product and service provider is offering a debt-for-equity swap as part of a financial restructuring. It is offering to switch 85% of its $275m 9.875% perpetual bond into ADRs representing one Lupatech common share. Bondholders would also get new a 3% 2019 bond for the remaining 15%

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