Sunny Hill buys 30.56% of Petroceltic’s senior debt facility

Troubled explorer in court on Friday as part of an examinership process

 

Sunny Hill, a company owned by Petroceltic’s biggest shareholder Worldview, has purchased 30.56 per cent of the Irish explorer’s senior debt facility at a discount, it said on Friday.

The move comes shortly after company documents revealed that Worldview recently transferred 32 per cent of Petroceltic’s $230 million debt to Elbrus Capital, a UK-and-Russia-linked fund in the Cayman Islands.

Petroceltic is unable to make its debt repayments. Worldview, which owns 29 per cent in the company, has tabled a £6.5 million bid for all of Petroceltic’s equity. The company, which has been in a battle for control with the dissident shareholder for more than a year, on Wednesday advised shareholders to accept the offer.

The offer could be overtaken by events elsewhere however as Petroceltic is in court today as part of an examinership process aimed at securing a rescue.

Worldview said on Friday that following its recent debt acquisition, it is now interested in 68 per cent of the senior bank facility.