EnQuest CEO pledges own cash to clinch restructuring deal

EnQuest CEO pledges own cash to clinch restructuring deal
 

The chief executive of EnQuest (ENQ.L) has pledged to buy up to $50 million (40.98 million pounds) worth of new shares in the North Sea oil producer, a move that clinched a broader restructuring deal for the company struggling with mounting debt.
EnQuest, which had $1.7 billion in debt at the end of June, said the deal announced on Thursday would bring in $410 million of extra cash mainly to be used at its Kraken oil field, which is due to come on stream in the first half of next year.
"This underwriting is showing my personal commitment to the company. I'm putting my money where my... read more

 
13 October 2016 in Business, Views: 34
Source: Reuters
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