Max Petroleum Holds Out Hope of Rescue Deal
01 May 2015 - 5:47PM
Dow Jones News
LONDON--Max Petroleum PLC (MXP.LN), a Kazakhstan-focused oil
producer whose shares have been suspended since March, said Friday
that despite "severe financial distress" it hasn't entered
administration because there's a chance that debt restructuring
talks could result in a deal.
"There remains a reasonable prospect that ongoing discussions
could result in a sufficient refinancing of the Company, including
bridge finance, being agreed with Sberbank and AGR Energy in the
very near future and, on that basis, [company directors] have not
yet put the company into administration," it said.
Production is running at 2,900 barrels a day.
Write to Ed Ballard at ed.ballard@wsj.com
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