Ramco Energy has appointed Ernst & Young to help it sell its 86.5% stake
in the Seven Heads gas field near London.
The Big Four firm was appointed after Ramco concluded extended waiver
agreements with its bankers and a major creditor.
E&Y will also help identify buyers for other assets, including Ramco’s
profitable oil services business.
Ramco needs to repay a £12m tranche of its borrowings on Seven Heads and has
negotiated to defer the payment of £1.55m of debt to a major creditor until
asset sales have been concluded.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies