Worldview In The Boxseat At Petroceltic After Buying Its Debt

Worldview Capital, the dissident shareholder in Petroceltic International that has battled its board for more than a year, has emerged in prime position to gain control of the troubled exploration company after doing a deal with its banks to buy a majority of its $232 million debts, the Irish Times reported. The Cayman Islands-registered fund, run by former investment banker Angelo Moskov, has told the stock market it bought has 69.44 per cent of the senior debt at at “a significant discount to face value”. Mr Moskov last week told The Irish Times the banks were offering the debt for sale at a discount of up to 70 per cent, although it is unclear if it acquired it at such a price. Worldview is now in a strong position to take control of Petroceltic, which is unable to pay its debts secured on its exploration and production assets. Read more.