THE London Stock Exchange, LSE, listed Afren’s fall from grace seems complete after it announced the suspension of trading on its shares on July 15. Afren said that it had become clear that the level of near-term production was going to be lower than what it had expected when it announced the proposed restructuring in March.
The company said it would be engaging further with its ad hoc committee of bondholders regarding its request for an additional US$30 million and with other stakeholders to discuss the potential implications on the proposed restructuring.
The former African success story said that it was currently unable to accurately assess its financial position and therefore had no option but to request the suspension of trading in its shares. Afren said it would provide a further update to the market as soon as possible.
Culled from Oil and Gas Intelligence
— Jul 22, 2015 @ 16:50 GMT