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Oro Negro Drilling misses bond payment; financial forecast released
By Caroline Salls
Pittsburgh, Jan. 25 – Oro Negro Drilling Pte. Ltd. failed to pay the interest and installment amount due Jan. 24 on its senior secured callable bonds issue 2014/2019, according to a notice from bond trustee Nordic Trustee ASA.
The trustee said the missed payment constitutes an immediate event of default under the bond agreement. Interest on unpaid amounts will be five percentage points higher than the normal rate, beginning with the due date.
In addition, Integradora de Servicios Petroleros Oro Negro, SAPI de CV had $48.57 million of cash as of Nov. 27 and expects to have $4.22 million of cash at Feb. 26, according to information released Friday.
After operational uses and cash collections, the company said it would have a net cash deficit of $44.35 million at Feb. 26.
EBITDA is expected to be $5.32 million for March, $10.3 million for April, $9.42 million for May and $12.6 million for June.
Meanwhile, Oro Negro reported that revenue would be $19.14 million in March, $18.53 million in April, $19.14 million in May and $20.83 million in June.
Oro Negro is an oil and gas services company based in Alvaro Obregon, Mexico.
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