Premier Oil’s tanks (OTCPK:PMOIF -17.6%) as its biggest lender, hedge fund Asia Research and Capital Management (ARCM), seeks to auction $200M of Premier’ debt, due to concerns about the company’ ability to restructure, as told to Reuters.

ARCM holds over 15% of Premier’s debt, and said it would retain ~$240M of the company’s debt, in case the auction is successful.

Premier’ debt mounted to ~$2B, and it is seeking $530M in fresh equity and requires minimum $325M for its creditors to extend current debt maturities.

As per Reuters, the company had received indicative, non-binding support in over $325M for the equity increase.

Premier is also negotiating with Chrysaor as an alternative to the capital increase.


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