Nigeria’s Aiteo In Talks With Lenders to Restructure Debt

Aiteo Eastern Exploration and Production is in debt restructuring talks with its lenders, group managing director Victor Okoronkwo tells The Africa Report. All parameters of the company’s debt are under consideration as part of the talks, which began shortly before the COVID-19 pandemic, Okoronkwo said, The Africa Report reported. The discussions to date have been “fruitful” and Okoronkwo said he hopes that an agreement can be reached “as soon as possible.” He declined to say whether a debt-for-equity swap was on the table, citing “commercial sensitivities.” Aiteo Eastern is the operator of oil mining lease  (OML) 29, a joint venture with the Nigeria National Petroleum Corporation (NNPC). The company also operates the 97-kilometre Nembe Creek Trunk Line, which serves as an industry-wide evacuation pipeline for produced fluids to the Bonny Terminal. Read more