Worldview has bought almost 70 per cent of London-listed, Dublin-based Petroceltic's debt, the company revealed today.
Sunny Hill, which is wholly owned by the Worldview Economic Recovery Fund, has bought 69.44 per cent of the group's debt relating to its senior bank facility. Worldview said it had bought the debt "at a significant discount to face value".
The total outstanding amount pursuant to the senior bank facility on 9 March was around $232.5m (£162.6m).
Petroceltic suspended its shares earlier this week when Worldview, its largest shareholder, petitioned it to appoint an examiner. Examinership is an Irish legal process which sees an independent person, the examiner, appointed by the High Court to companies experiencing financial difficulties.
Worldview today said it intends to "approach Petroceltic and the interim examiner with a proposal to restructure the senior bank facility, as part of a wider restructuring of Petroceltic’s capital structure either pursuant to an examinership scheme of arrangement or as a standalone restructuring"
The company said this "could lead to the potential conversion of a significant proportion of the outstanding debt into new ordinary shares in the capital of Petroceltic".
Petroceltic declined to comment.
Worldview and Petroceltic have been locked in a long-running battle which has seen Worldview make numerous calls for the removal of Petroceltic's management, alleging that the company's finances are in disarray.
In January, Worldview confirmed its interest in buying Petroceltic and said it was "in the process of evaluating and preparing for a possible, all cash, offer".