Petrofac secures creditor deal as UK tax agency won't appeal court ruling

Summary

Petrofac received confirmation from HM Revenue and Customs that it will not appeal a Scottish court ruling on a company voluntary arrangement (CVA) with creditors. The CVA, approved on January 30, allows Petrofac to sell its Asset Solutions division to CB&I, using proceeds to settle creditor claims. HMRC had previously opposed the CVA, claiming it was unfair to their historical National Insurance Contributions.

Recent Coverage

• Petrofac Says UK Tax Authorities Won't Appeal Ruling in Creditor Deal

  RigZone • Mar 26