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Afren says will not make interest payment on 2016 notes

Reuters - UK Focus

March 4 (Reuters) - Debt-laden oil producer Afren Plc (LSE: AFR.L - news) said it would not pay $15 million of interest due on Feb. 1 under its 2016 notes in order to preserve cash until a review of its capital structure is completed.

The company said this would result in a default under the 2016 notes, but that it would not have an immediate obligation to repay the notes.

Shares (Berlin: DI6.BE - news) of Afren fell as much as 50 percent in early trading on the London Stock Exchange (Other OTC: LDNXF - news) . (Reporting by Roshni Menon in Bengaluru; Editing by Robin Paxton)