Petrofac’s Debt Restructuring Proceedings Start in London Court

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 ...