Premier Creditors Poised to Block BP Deal, Urge Chrysaor Merger

Premier Oil Plc’s main creditors are poised to block the company’s plan to acquire some North Sea assets from BP Plc, and are urging it to focus instead on a merger with private equity-backed Chrysaor Holdings Ltd., said people familiar with the matter.

The oil explorer’s creditors have enough support to prevent the issuance of new equity, which is a key element of the $2.9 billion debt-refinancing that Premier must complete before the BP deal can proceed, the people said. Without that deal, a merger with fellow North-Sea producer Chrysaor would be the best outcome, they said, ...