UK's Petrofac strikes in-principle deal to restructure finances

(Reuters) -London-listed oilfield services provider Petrofac said on Friday it had reached an in-principle agreement with some of its key stakeholders for a financial restructuring.

The proposed restructuring involves raising funds through equity financing and conversion of most of its debt into equity.

Petrofac, grappling with widening losses, payment delays and mounting costs, expects the restructuring to provide the much-needed liquidity to support its order book.

The company had also extended the deadline on missed interest payments for its $600 million senior secured notes.

Petrofac said it expects to announce a lock-up agreement with final terms in the coming weeks.

(Reporting by Raechel Thankam Job; Editing by Alan Barona and Shilpi Majumdar)