View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
June 30, 2009

Kazakh Oil Company Zhaikmunai in Debt Waiver Talks

Kazakh oil producer Zhaikmunai is in talks with lenders about possible waivers on its debt covenants after "various events of default" led to a $100m credit line being cut off, Reuters reported. Zhaikmunai said that it aims to refinance debt via a $300m placement of global deposi

By cms admin

Kazakh oil producer Zhaikmunai is in talks with lenders about possible waivers on its debt covenants after “various events of default” led to a $100m credit line being cut off, Reuters reported.

Zhaikmunai said that it aims to refinance debt via a $300m placement of global depository receipts, which would also help fund spending plans.

“The proceeds of the placing will be used to supplement the group’s existing credit facilities and fund in part the capital expenditure programme for the Chinarevskoye field, in particular the completion of the gas treatment unit,” the company said in a statement.

The firm produced 7,615 barrels per day in the first quarter of this year and plans to raise output to 48,000 barrels per day in 2010.

“Zhaikmunai has continued negotiations with its existing lenders under the facility regarding potential waivers of the outstanding events of default,” the statement said.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU