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Creditors to Oil Driller Shamaran Hire Lawyers for Debt Talks

June 19, 2020, 10:13 AM

A group of Shamaran Petroleum Corp’s bondholders has appointed restructuring specialists Akin Gump Strauss Hauer & Feld LLP to advise on ongoing debt talks with the oil driller, a spokesman for the law firm said.

The Vancouver-based company said in May that it won’t be able to service its $223 million in debt obligations after a regional government in Northern Iraq, where it owns part of an oilfield, failed to pay for oil deliveries, according to a statement.

A spokeswoman at Shamaran declined to comment on Akin Gump’s mandate.

Shamaran breached a bond covenant following impairment losses on...

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