Premier Oil In Financing Talks With Rival Chrysaor

Premier Oil has held talks on restructuring its debt with rival Chrysaor in a move that could pave the way for a tie-up between two of the largest UK oil and gas producers, the Financial Times reported. Premier said on Tuesday it had been talking with third parties including private-equity backed Chrysaor to refinance its debt as an alternative to an agreement reached with a group of creditors last month. While the approach by Chrysaor did not “provide better outcomes for either its shareholders or creditors”, Premier said discussions on a potential transaction continued. It is unusual for a company to be involved in talks to restructure another group’s debt unless it has an interest in a merger or acquisition of some of its assets. Read more