Shamaran Bondholders appoint Advisers

By John Lee.

According to Bloomberg Law, a group of bondholders of Shamaran Petroleum has reportedly appointed restructuring specialists Akin Gump Strauss Hauer & Feld LLP to advise on ongoing debt talks.

ShaMaran Petroleum said last week that that it continues to examine alternatives to address a breach of financial covenant and liquidity shortfall, and that difficult discussions with its largest independent bondholders are continuing.

The Canadian company has a 27.6 percent direct interest in the Atrush Block production sharing contract in Iraqi Kurdistan.

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(Sources: Bloomberg Law, Shamaran)

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