September 7, 2022 |
Echo Energy, an oil and gas company focused on Argentina, has asked bondholders to allow it to extend the maturity and lower the interest rate on its 8% 2025 bonds as well as convert part of the debt into equity.
Echo Energy wants to delay the due date by seven years, 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
Argentine-focused oil company wants to extend the maturity by seven years, reduce the interest rate to 2% and convert half of the debt into shares