Iona Energy has called for a two-month extension on a debt restructuring plan after it raised concerns about the 'funding position' of its partner, Atlantic Petroleum. The firm also said it needed more time to finalise an earlier agreement with bond holders after it confirmed that a farm-in deal remained unfinalised. Iona had raised £185 million from the sale of bonds before falling oil prices and production problems at the Huntington field in which it has a stake forced it to seek an extension of terms on the debt until the start-up on Orlando.
The company called for a meeting of bond holders later this month to amend the terms of a restructuring deal agreed in August.