InterOil faces possible bankruptcy action by Norsk Tillitsmann

By Lisa Kerner

Charlotte, N.C., Feb. 3 - InterOil Exploration and Production ASA said it was notified by trustee Norsk Tillitsmann ASA of a new bondholder meeting on Feb. 15.

The notification mentions possible authority to begin bankruptcy proceedings against InterOil, an InterOil news release said.

InterOil said that according to its third-quarter 2009 results, the company is solvent.

As previously reported, InterOil announced that at its Jan. 28 meetings for holders of two series of its unsecured bonds, no events of default were declared on the securities.

In January, the company said it is continuing ongoing efforts to sell assets and/or refinance its debt in order to repay all creditors.

InterOil is an Oslo-based exploration and production company.

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