LONDON Oct 25 London-listed Xcite Energy
is set to go into liquidation after bondholders
rejected a restructuring plan for the North Sea oil developer,
the company said on Tuesday.
Trading of the company’s AIM-listed shares was suspended
after principal debt holders rejected a plan that would see the
exchange of 100 percent of the outstanding bonds for 98.5
percent of the enlarged share capital of the company.
“The principal bondholders have informed the company that
they are not satisfied that the transaction is capable of being
implemented in a manner acceptable to them,” Xcite, which is
developing the Bentley heavy oilfield in the East Shetland area,
said in a statement.
A sharp drop in oil…
Read the full article at: http://uk.reuters.com/article/xcite-liquidation-idUKL8N1CV6SN