Norway's Seadrill Warns of Share, Bond Wipe-Out
Drill rig operator Seadrill warned investors that its shares will lose almost all of their value and its bonds will be hit as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. Shares in Seadrill, once the crown jewel in shipping tycoon John Fredriksen's empire…
UK Filing Suggests Abengoa Repaid Margin Loan
Troubled Spanish energy company Abengoa may already have repaid a US$200m two-year margin loan it took out just four months ago using a stake in its yieldco as collateral. A filing with UK Companies House dated October 15 appears to indicate that the charge, taken by Abengoa Concession Investment Ltd on June 29, has been "paid or satisfied" in full.
Total Takes Hybrids to Next Level
The lure of cheap funding prompted Total to tap the hybrid bond market for the first time this week, even though the French oil major is under no pressure to raise capital or defend its balance sheet. The 5bn deal, raised with a record-low coupon for a euro-denominated hybrid, is another step in the development of the once-niche funding instrument.
S&P Downgrades Eight US Oil & Gas Firms
Standard & Poor's has downgraded eight US oil and gas exploration and production companies after the ratings agency completed a review of the sector in light of the steep decline in oil prices. The firms were WPX Energy, Energy XXI, Warren Resources, Swift Energy, Midstates Petroleum, Magnum Hunter Resources…
Spain's Indebted Abengoa Cutting Stake
Indebted Spanish renewable energy and engineering firm Abengoa said on Thursday it was cutting its controlling stake in its U.S. unit and shedding some assets as it tries to improve its financial structure. The company, which has been struggling with a heavy debt pile after its home market went through a deep economic downturn…
Czech Miner NWR's Shares Slump Again
Shares in New World Resources (NWR) plunged again on Thursday, taking losses over two days to 55 percent after the Czech coal miner revised a capital revamp proposal and detailed the expected share dilution. The loss-making company made a new pitch on Wednesday to get bondholders to back…
