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PetroMena makes $37.5 million payment on 10.85% bonds due 2010
By Angela McDaniels
Tacoma, Wash., Nov. 17 - The holders of PetroMena ASA's 10.85% senior secured bonds due Nov. 19, 2010 will receive $37.5 million on Nov. 18, according to a notice from bond trustee Norsk Tillitsmann ASA.
The payment will constitute a payment of interest equal to 14.20454% of the remaining outstanding amount.
Norsk Tillitsmann said it received $50 million from PetroMena including $5 million from the sale of an oil drilling rig and $45 million of funds held by the company that were pledged to the bonds.
The trustee will keep $12.5 million as security for costs incurred in relation to the enforcement process and as security for the indemnity provided to AMA.
The payment was made as part of the plan of reorganization of PetroRig I Pte. Ltd., PetroRig II Pte. Ltd. and PetroRig III, which were organized to finance and take delivery of ultra-deepwater drilling oil rigs. They filed for Chapter 11 bankruptcy on May 17, 2009.
The 10.85% bondholders do not have a direct claim against the debtors, but they have an equity interest in PetroRig II, entitling them to receive interests in the liquidation trust.
PetroMena is a rig holding company and a subsidiary of Petrolia ASA, an oilfield services company based in Oslo.
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