Petrofac (PFAC), Hipgnosis Songs (SONG) and Elementis (ELM)
Shares in Petrofac (PFAC) dropped by 20 per cent in a brief half-hour window before it suspended trading as it announced restructuring plans would involve swapping a big chunk of its debt for shares.
The shares were suspended due to delays in publishing accounts for 2023 but the company said talks with creditors were ongoing regarding a deal where $200mn of new money and $100mn of credit guarantees would be arranged, with a “significant portion” of existing debt being converted into equity.
The energy services contractor, which is London’s most shorted share, said it is likely to miss interest payments on a bond due on 15 May. It has agreed a stay with 41 per cent of noteholders to give it time to complete a restructuring and “will seek to engage with other noteholders” in the next few weeks. MF
Blackstone pitches higher for Hipgnosis Songs
Hipgnosis Songs (SONG) has received another takeover bid, with Blackstone making an offer of $1.30 (104p) per share. The offer, which comes with board recommendation, compares with $1.25 per share under the last bid made by Concord Music last week. DB
