FORBES | Early in October 2020, Premier Oil (LON:PMO) – one of the UK's most indebted oil and gas companies – agreed to a merger with Chrysaor, in a reverse takeover that will ultimately see the former's creditors being paid $1.23 billion in cash, and its shareholders with around 5.45% of the combined London-listed entity.
On the face of it, there is little in the deal to raise eyebrows in a distressed market. Premier is one of the world's oldest leading independent exploration and production (E&P) company calling the North Sea its backyard. It traces its history back to the 1930s, but underwent a painful debt restructuring in 2016-17 after the last oil glut.
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