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Angus Energy Enters Conditional Restructuring Agreements

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Angus Energy (ANGS.L) signed conditional agreements with creditor groups Trafigura, Forum Energy Services, and royalty holders for its plan to restructure its debt.

The oil and gas company said Wednesday the settlement of the amount owed to royalty holders will eliminate a major potential liability. It added that Forum Energy Services approved the conversion of deferred consideration into equity, while Trafigura agreed to combine and extend its financing facilities at a lower cost.

The restructuring is subject to shareholders' approval and the completion of a 3 million-pound-sterling fundraising.

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