Petrofac Sets Critical Creditor Vote to Finalize Sale of Asset Solutions Division

Petrofac, a prominent energy services provider, has organized a meeting for its creditors on January 30 to vote on a proposed company voluntary arrangement. This arrangement is a vital component of the restructuring efforts for the firm, which is based in the United Kingdom GB. The vote is intended to compromise certain creditor claims, thereby clearing the way for a significant asset disposal aimed at generating funds for secured creditors. This procedural step follows the administration filing of the holding company in the United Kingdomduring October.

The focus of this restructuring plan is the sale of the asset solutions business to CB&I, a company headquartered in the United States USthat specializes in energy infrastructure such as storage tanks and terminals. Agreed upon in December, the deal is valued between 45 million and 55 million dollars. This business unit is responsible for providing essential services, including the maintenance and decommissioning of energy assets, and its operations in the United Statesand elsewhere are expected to continue without interruption during the process.