Petrofac Share Discussion Threads

[geckotheglorious] 02/7/2024 05:52

FFS Armbar.

"The Financial Restructure ... is currently the only option to secure the future operations of the Group and active discussions are ongoing. The realistic alternative to the Financial Restructure is insolvency." [my bold]

This has been the ONLY option for at least the last three months?

What has changed in the last three months, other than essentially a debt default given non payment of the coupon - which has now been extended for another month.

The ONLY option is still a D4E

The outcome of the debt restructure talks will be a D4E because there is , nor has there been,any alternative for a while.

You're in denial and playing semantics bollux.

[armbar] 01/7/2024 20:38

JN , you do make me smile . What you omit is the word currently, at that moment in time, huge difference between only and currently only Since - timeline extended , price action seems to suggest something imo to me Asfari founder and co not sold ? 30% Where are those 60M+ shares shorted , who has them? If PFC have had any early exploratory discussions , hardly going to announce , rules are quite clear as per the city takeover code , hence currently , logically will not be the only sole fixed permanent option. You seem to occasionally miss, infer or be quite selective on wording , you done the same with our bonds conversation which was more variable than stated. Anyway let us see how this unfolds , situation in my opinion is more fluid that ONLY. GL

[jaknife] 01/7/2024 19:45

My apologies Armbar,

I thought that you'd written in post 40,846:

"Petrofac has not explicitly stated that D4E is the ONLY option ..."

JakNife

[armbar] 01/7/2024 19:27

I can assure you I have read it several times upon release and sinceSo you are assuming and you know what they say I will leave it there GL

[jaknife] 01/7/2024 19:23

Armbar,

"I would also say read it very carefully"

FFS, 20 minutes ago you hadn't even read it!! Now you've read it, realised that it directly contradicts your opinion and hence are trying to wriggle!

There is no hope for you.

JakNife

[armbar] 01/7/2024 19:04

Jaknife I would also say read it very carefullywords are chosen very carefully , it does not say only permanent option it says Currently the only option Currently : At the present time , now, often meaning ... I will let you fill the rest in Let see ATB

[jaknife] 01/7/2024 18:16

Armbar,

”Petrofac has not explicitly stated that D4E is the ONLY option , pfc indicated that discussions with lenders involve a significant proportion of debt being swapped for equity as per RNS”

I would invite you to actually read the accounts that were published just a month ago. If you do you will find the words:

"The Financial Restructure ... is currently the only option to secure the future operations of the Group and active discussions are ongoing. The realistic alternative to the Financial Restructure is insolvency." [my bold]

JakNife

[armbar] 01/7/2024 17:08

Btw potential acquirers if it happens could repurchase the bonds at a negotiated price, opportunistic to use this process to acquire debt at a deep discount , in the open market Unlike tender bond offers which have legally mandated time periodThis can be negotiated even with a clause btw, think about it, company in restructuring discussions , bonds worth for example at 16.75 get offered 40.00 what would you do?

[armbar] 01/7/2024 15:28

a little unusual price action ....

[blackhorse23] 01/7/2024 13:33

We know that lol

[general george] 01/7/2024 13:19

Snapper on LSE is trying hard to de-ramp.....

[dipa11] 01/7/2024 12:48

"Alliance News) - Energy services company Petrofac Ltd on Monday announced the extension of its forbearance agreement with noteholders concerning the non-payment of interest on senior secured notes.The deadline has been pushed to July 25 from June 30 this year."The forbearance agreement provides an assurance that relevant noteholders will not take any action in respect of the non-payment of the coupon until at least July 25, 2024, in order to provide further time for the group's financial restructuring to be progressed," the company said in a press release.The agreement is entered into by a group of noteholders representing about 47% of the outstanding notes, increased from 41% at the time of the publication of Petrofac's annual results.Petrofac shares were 5.9% higher at 13.77 pence each on Monday morning in London."

[noramping] 01/7/2024 12:31

Me thinks some are grasping at straws , obviously some are making money due to the volitility , but those holding the parcel at the end may find after unwrapping they are left with worthless paper.

[armbar] 01/7/2024 12:10

I am just stating that it is not explicitly the only option , that is factually incorrect Indicated Yes Only option No They could have a successful restructure , or a D4E, Asset sale or a divestment impact , Takeover , liquidation or Bankruptcy, Strategic Partnership as examples

[socionomics] 01/7/2024 12:04

Dear Armbar,

Please don't let the truth get in the way of JakNife's bashing activity.

[armbar] 01/7/2024 11:54

Petrofac has not explicitly stated that D4E is the ONLY option , pfc indicated that discussions with lenders involve a significant proportion of debt being swapped for equity as per RNSSo whilst we wait there are always other potential outcomes Takeover being one , JV another , other financial structures, appreciate D4E currently is headlining. IMO Adnoc seem to be aligned with PFC, Halliburton and Schlumberger for some time have had interest in PFC PFC now have a little more time to work out where we go Asfari and co 30% no reported sale of share holding , why ? Where are those 10% of declared short shares , not with retail imo ?So we await until advised

[jaknife] 01/7/2024 11:37

There is no takeover, the company has already explicitly told shareholders that the *ONLY* solution is the debt for equity swap *AND*, if that fails, then it will be insolvency.

[socionomics] 01/7/2024 09:12

Looks like orders are being filled. MM signals (they are short of stock). Watch this go when it's ready.

[socionomics] 01/7/2024 08:46

As daft as it sounds, the chart gives an 45p target on the daily.

[action] 01/7/2024 08:43

I am seeing all talks about takeover but no concrete offers. If there is anything on table MM would have opened it 40p +.

[socionomics] 01/7/2024 08:08

I think the future is not looking bright for RNK, but I suspect it won't go bankrupt.

[blackhorse23] 01/7/2024 07:44

Added RNK today

[blackhorse23] 01/7/2024 07:44

Bankrupt company