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Seven Energy In Trouble Over $445 Million Loan Default - Business - Nairaland

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Seven Energy In Trouble Over $445 Million Loan Default by Trending01: 5:18am On Oct 14, 2017
Indigenous oil and gas operator, Seven Energy International Limited, may be for a rough time following its inability to fulfill payments on two senior secured notes issued by one of its subsidiaries Seven Energy Finance Limited.

The company blamed its inability to meet its debt obligations on the closure of the Forcados export terminal which lead to a loss of cash flow, and power stations that were yet to pay for gas it had supplied.

We gathered that the company had earlier in the year defaulted on a $445 million loan taken from a consortium of banks led by Ecobank, FCMB, and Union Bank in 2015 to provide working capital for Accugas, one of its subsidiaries.

READ MORE HERE: http://witnessngr.com/seven-energy-in-trouble-over-445-million-loan-default/

Re: Seven Energy In Trouble Over $445 Million Loan Default by neolboy(m): 5:25am On Oct 14, 2017

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