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PetroMena 9¾%, FRN Petrorig bondholders to receive payments Dec. 13
By Caroline Salls
Pittsburgh, Dec. 8 - PetroMena ASA's 9¾% bondholders and FRN Petrorig III bondholders will receive secured claim payments on Dec. 13, according to a release from loan trustee Norsk Tillitsmann ASA.
The trustee said holders of the 9¾% bond loan will make a $5 million payment to holders of the 10.85% bond loan from the proceeds of secured claims for rigs owned by PetroRig I and PetroRig II.
Norsk said it will keep an additional $5 million of the 9¾% bondholders' $44.5 million of claim proceeds as security for joint indemnity.
In addition, $500,000 will be subtracted from the claim proceeds to cover the AMA restructuring fee.
The remaining $34 million will be exchanged to NOK and paid to the bondholders on Dec. 13, constituting an interest payment equal to 44.85099% of the outstanding amount.
The trustee said it has also received $20.7 million for the benefit of an FRN Petrorig III bond loan, mainly related to a secured claim for the rig owned by PetroRig III, according to the release.
From this amount, Norsk Tillitsmann will keep $5 million as security for joint indemnity, and $200,000 will be paid as a joint restructuring fee.
The $15.5 million balance will be exchanged to NOK and paid to the FRN bondholders on Dec. 13.
As previously reported, PetroRig I Pte. Ltd., PetroRig II Pte. Ltd. and PetroRig III were organized to finance and take delivery of ultra-deepwater drilling oil rigs. They filed for Chapter 11 bankruptcy on May 17, 2009 after the 10.85% bondholders instructed the trustee to exercise enforcement rights to replace the board of directors at each of the PetroRig entities.
PetroMena is a rig holding company and a subsidiary of Petrolia ASA, an oilfield services company based in Oslo.
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