Seacrest Petroleo Bermuda Continues Negotiations After Event of Default on $120 Million Bonds

10:13 PM EST, 12/17/2024 (MT Newswires) -- Seacrest Petroleo Bermuda (SEAPT.OL) remains in talks for a short-term forbearance arrangement with the holders of its $120 million of 16.00% senior unsecured bonds due 2027 following an event of default. The event of default occurs due to the oil and gas production company's failure to pay the second installment of a consent fee, amounting to 0.50% of the bond principal, by the Monday deadline, according to a Tuesday release. As a result, the bondholders will begin charging default interest on the unpaid amount, starting Monday, until the payment is made...