Circle Oil assets sold off

Administrators for Circle Oil have reached agreement to sell the bulk of the company’s remaining assets for $30m (€28m).

The debt-ridden Irish-founded exploration company’s newly appointed administrators – David Baxendale and Ian Green of PwC – executed the sale yesterday, effectively bringing an end to Circle’s long-running strategic review process and hastening its path to an expected winding-up.

Circle has a total debt mountain of $77.5m. Of that, $57.5m relates to secured debt owed to the World Bank-affiliated International Finance Corporation, with $20m classed as an unsecured convertible loan held by a subsidiary of KGL Investment Company.