Noreco Proposes $252m Debt for Equity Conversion
Image: Noreco
The board of Norwegian oil firm Noreco is proposing the conversion to equity of approximately 1.9 billion Norwegian crowns ($252 million) of bond debt under a revised restructuring proposal.
Following the proposed conversion the bondholders will own 92 percent of the company, it added.
Noreco also revised its cash forecast for end-2015 before any bond payments to a positive result of 214 million crowns from a negative 12 million crowns due to cost-cutting measures.
($1 = 7.5491 Norwegian krones)
(Reporting by Nerijus Adomaitis; Editing by Greg Mahlich)
