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.
(Sources: Bloomberg Law, Shamaran)