Tuesday November 24, 2020

Kenmare says lenders approve debt restructuring plan

The plan will see an Oman wealth fund invest $100 million in the company

20th June, 2016
Kenmare's managing director Michael Carvill Pic: RollingNews.ie

The exploration group also plans to raise at least $275 million of new equity by way of a placing and open offer with $200 million of the funds used to repay debt, leaving the company with no more than $100 million of debt. The additional $75 million will be retained for working capital and to cover expenses.

Three of the company's main shareholders have indicated their intention to participate in the placing, including M&G which has indicated it will...

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