Antrim Energy’s survival in doubt
The Toronto-headquartered firm — which has interests in the North Sea, the Porcupine Basin off the west coast of Ireland, and Africa — is in discussions with lenders to “relax certain requirements” relating to its ability to access restricted funds, to quantify any additional funding requirements and to reassess terms based on the original production profile.
At the start of this year, Antrim entered into a $30m (€22m) payment swap transaction — subject to a number of financial and operating covenants and restrictions on various cash balances.
