PetroProd hires advisers to help restructure 10.85% loan, 8.5% convertible loan

By Susanna Moon

Chicago, March 17 - PetroProd Ltd. said it has hired Pareto Securities AS and Bugge, Arentz-Hansen & Rasmussen to help restructure its 10.85% loan and 8.5% convertible loan.

Norsk Tillitsmann ASA, on behalf of bondholders, has hired AMA Capital Partners and Bingham McCutchen LLP.

The company said it is experiencing difficulties securing debt and equity financing in accordance with its initial plans in current market conditions.

The company also announced a meeting for bondholders of its callable fixed-rate notes due 2012 on March 25 to approve the sale of the MT "Arc II".

PetroProd is an Oslo-based oil company focusing on small- and medium-sized oil fields.

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