Shares in financially troubled Canadian-listed Iona Energy surged late last week after it announced it had reached an initial agreement with core bondholders to delay US$135 million in payments as part of a restructuring package.
Iona, which is focused on the UK North Sea, said that 40% of its bondholders had agreed in principle to a set of measures, including a waiver of financial covenants on its US$275 million senior secured bond until first oil is delivered at the company’s Orlando project.
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