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Phoenix aims to wrap up restructuring this year

Phoenix aims to wrap up restructuring this year

May 30, 2022 | Charles Newbery
Argentina-focused oil company is in talks with commodities trader Mercuria

Corporate & Sovereign Strategy Loans Debt Argentina Switzerland United Kingdom Gas Oil

Phoenix Global Resources, a London-based oil and natural gas exploration and production company focused on Argentina, is in talks with its controlling shareholder Mercuria to restructure the more than $490 million it has drawn from a revolving credit facility, while it also eyes new funding sources, chairman Michael Rake said Friday. The restructuring talks have taken "more time than anticipated," but a deal is expected later this year, Rake said in a statement. "The directors still believe they

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