Petrofac’s Debt Restructuring Proceedings Start in London Court

April 30, 2025, 2:37 PM UTC

Oil services firm Petrofac Ltd appeared in a London court on Wednesday seeking approval for a financial restructuring it says will rescue the company from insolvency.

  • The plan is being challenged by Saipem Spa and Samsung E&A Co Ltd, who are Petrofac Group’s joint-venture partners in the Clean Fuels Project, an engineering project in Thailand
    • They argue the plan will cause them to assume upwards of $1 billion of Petrofac’s liabilities, court documents show
    • The also argue the plan will transfer that value to various hedge funds who will make “significant profits,” from the restructuring and then further damage ...



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