Post by Admin on Feb 23, 2016 11:53:42 GMT
Petroceltic Share Price History :Petroceltic lenders conspiring, per Ernst & Young advice, to strip off company’s assets and leave shareholders with nothing
Unnamed sources involved with Petroceltic’s banking syndicate have spoken confidentially about the fact that the syndicate, led by HSBC and the International Finance Corporation (IFC), has been putting up hurdles aimed at effectively blocking the progress of the company’s restructuring.
The lenders have been dragging their feet throughout the process, guided by their advisers from Ernst & Young, hoping to delay the restructuring while waiting to sell Petroceltic’s Egyptian and Bulgarian assets. However, their efforts have been hampered significantly by reports on the ongoing criminal investigations by both Bulgarian and Egyptian authorities who are looking into over €20 million in fraudulent invoices issued by related entities linked to Petroceltic Bulgaria’s management.
According to internal sources, the original plan hatched between lenders and led by HSBC and Ernst & Young was to strip the company’s assets, pocket the proceeds from the sales and put the company into insolvency. The banks apparently turned down various funding proposals that would ensure that Petroceltic continues to do business, as they do not intend to save the company and see it continue to operate.
The IFC, which is part of the World Bank Group, is also mired in the ongoing investigations by Bulgarian prosecutors, sources close to the investigation stated. The IFC’s Bulgarian representative is suspected to have lobbied to secure the original loans from the lenders, due to his personal 'special' relationship with Petroceltic Bulgaria's local managing directors David Archer and Dorieta Angelova. He is believed to have been actively involved in covering up the existence of a web of related companies via which Petroceltic Bulgaria's management has syphoned funds out of the company, keeping this information from the other members of the lending syndicate.
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Unnamed sources involved with Petroceltic’s banking syndicate have spoken confidentially about the fact that the syndicate, led by HSBC and the International Finance Corporation (IFC), has been putting up hurdles aimed at effectively blocking the progress of the company’s restructuring.
The lenders have been dragging their feet throughout the process, guided by their advisers from Ernst & Young, hoping to delay the restructuring while waiting to sell Petroceltic’s Egyptian and Bulgarian assets. However, their efforts have been hampered significantly by reports on the ongoing criminal investigations by both Bulgarian and Egyptian authorities who are looking into over €20 million in fraudulent invoices issued by related entities linked to Petroceltic Bulgaria’s management.
According to internal sources, the original plan hatched between lenders and led by HSBC and Ernst & Young was to strip the company’s assets, pocket the proceeds from the sales and put the company into insolvency. The banks apparently turned down various funding proposals that would ensure that Petroceltic continues to do business, as they do not intend to save the company and see it continue to operate.
The IFC, which is part of the World Bank Group, is also mired in the ongoing investigations by Bulgarian prosecutors, sources close to the investigation stated. The IFC’s Bulgarian representative is suspected to have lobbied to secure the original loans from the lenders, due to his personal 'special' relationship with Petroceltic Bulgaria's local managing directors David Archer and Dorieta Angelova. He is believed to have been actively involved in covering up the existence of a web of related companies via which Petroceltic Bulgaria's management has syphoned funds out of the company, keeping this information from the other members of the lending syndicate.
Tags: petroceltic share price history
petroceltic oil and gas shares
petroceltic stock
petroceltic share price chat
mio share price
petroceltic news
petroceltic international
petroceltic worldview
petroceltic share price