BN 03/04 07:02 *AFREN SAYS NO CERTAINTY PACT WILL BE REACHED.
BN 03/04 07:02 *AFREN CONTINUING CONSTRUCTIVE TALKS W/ ADVISERS
BN 03/04 07:02 *AFREN AD HOC COMMITTEE HAS NO INTENTION TO TAKE ACTION
BN 03/04 07:02 *AFREN NON-PAYMENT WON'T RESULT IN IMMEDIATE OBLIGATION TO REPAY
BN 03/04 07:02 *AFREN SUCH NON-PAYMENT WILL RESULT IN A DEFAULT UNDER '16 NOTES
BN 03/04 07:02 *AFREN NOT TO PAY US$15M OF INTEREST
BN 03/04 07:01 *AFREN AFR UPDATE ON REVIEW OF AFREN'S CAPITAL STRUCTURE
BN 03/04 07:02 *AFREN CONTINUING CONSTRUCTIVE TALKS W/ ADVISERS
BN 03/04 07:02 *AFREN AD HOC COMMITTEE HAS NO INTENTION TO TAKE ACTION
BN 03/04 07:02 *AFREN NON-PAYMENT WON'T RESULT IN IMMEDIATE OBLIGATION TO REPAY
BN 03/04 07:02 *AFREN SUCH NON-PAYMENT WILL RESULT IN A DEFAULT UNDER '16 NOTES
BN 03/04 07:02 *AFREN NOT TO PAY US$15M OF INTEREST
BN 03/04 07:01 *AFREN AFR UPDATE ON REVIEW OF AFREN'S CAPITAL STRUCTURE
Afren Won’t Pay $15m Interest; Continues Talks With Advisers
2015-03-04 07:12:43.748 GMT
By James Ludden
(Bloomberg) -- Afren not paying interest bill on 2016 notes
that was due Feb. 1 and given 30-day grace period.
* Doesn’t mean it has to immeditely repay 2016 notes or any
cross-default under other debt facilities
* Committee (representing 55% of principal face amount of 2016
notes and 44% of principal of 2016, 2019 and 2020 notes),
not planning to take action in hope that parties can agree
to restructuring to keep business as going concern
* Talks continue with committee of largest bondholders; any
agreement likely to substantially dilute shareholder
interests
* Also in talks with other stakeholders and third party
interests on interim funding, recapitalisation
* NOTE: Short interest 14% of shrs outstanding, according to
Markit data
* Link to Statement:Link
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
James Ludden in London at +44-20-3525-2645 or
jludden@bloomberg.net
To contact the editors responsible for this story:
Andrew Rummer at +44-20-3525-3722 or
arummer@bloomberg.net
James Ludden
2015-03-04 07:12:43.748 GMT
By James Ludden
(Bloomberg) -- Afren not paying interest bill on 2016 notes
that was due Feb. 1 and given 30-day grace period.
* Doesn’t mean it has to immeditely repay 2016 notes or any
cross-default under other debt facilities
* Committee (representing 55% of principal face amount of 2016
notes and 44% of principal of 2016, 2019 and 2020 notes),
not planning to take action in hope that parties can agree
to restructuring to keep business as going concern
* Talks continue with committee of largest bondholders; any
agreement likely to substantially dilute shareholder
interests
* Also in talks with other stakeholders and third party
interests on interim funding, recapitalisation
* NOTE: Short interest 14% of shrs outstanding, according to
Markit data
* Link to Statement:Link
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
James Ludden in London at +44-20-3525-2645 or
jludden@bloomberg.net
To contact the editors responsible for this story:
Andrew Rummer at +44-20-3525-3722 or
arummer@bloomberg.net
James Ludden