For Petrofac, a final bid to stay afloat

A CREDITOR VOTE ON SALE OF ITS LAST UNIT COULD DETERMINE IF FIRM CAN AVOID DEEPER COLLAPSE

- BY NIVETHA DAYANAND Assistant Business Editor JUSTIN VARGHESE Your Money Editor

Petrofac's prolonged restructuring is entering another critical phase, with a creditor vote later this month set to determine whether the company can complete the sale of one of its remaining businesses.

Petrofac said last week that creditors of Petrofac Facilities Management Limited will meet on January 30 to vote on a proposed Company Voluntary Arrangement linked to the agreed sale of its Asset Solutions business to US-based engineering group CB&I. Approval of the CVA is required for the transaction to proceed and is intended to resolve specific creditor claims tied to the deal.

CB&l deal a positive outcome

Petrofac expects creditors to approve the sale of its Asset Solutions business to CB&I, with the Company Voluntary Arrangement tied to the transaction applying only to a limited group of creditors and leaving employees and trade partners unaffected, sources familiar with the matter told Gulf News.