October 14, 2022 |
Echo Energy, a UK-based oil and natural gas company focused on Argentina, said Thursday it received approval from bondholders to restructure its 8% 2025 bonds.
Holders of 66.7% of Echo Energy’s 2025s agreed to delay the due date by seven years to May 2032, reduce the rate to 2% per year and turn half of the outstanding amount into ordinary shares worth £0.45 ($0.52) each, it said in a securities filing.
The company issued €20 million worth of 2022 bonds in June 2017 but defaulted on the notes in
Argentina-focused oil company gets more time to pay and an interest rate reduction