SeaBird Exploration on Wednesday warned investors that negotiations with Perestroika, the bank behind a convertible loan that matured yesterday, have reached an impasse.
According to a filing with the Oslo bourse efforts to postpone the deadline failed to bear fruit, which means it will likely default at the end of a five-day grace period.
If this happens the Oslo-based offshore contractor pointed out that this will likely trigger cross default provisions linked to a bond that matures in December of 2015.
“SeaBird
