Crudecorp aims to restructure bonds, cut par amount; meeting to come

By Susanna Moon

Chicago, Oct. 18 – Crudecorp AS is looking to restructure its bond loan and will hold a meeting to ask for bondholder approval.

Crudecorp has defaulted on its interest payments after securing a standstill until Oct. 14 issued by Skrattaskjer AS, according to a company notice.

The company is now proposing to reduce the outstanding amounts under the bond loan, to amend the terms of the bond agreement and to repay the reduced amount, the release said.

Crudecorp said it will not resume paying interest due on the bonds, pending the outcome of the bondholders' meeting.

Stavanger, Norway-based Crudecorp is an oil and natural gas exploration and production company with offices in Houston and Bakersfield, Calif.

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