Rex unit Lime Petroleum faces potential bond default

This has prompted the subsidiary to begin its financial review.

Rex International Holding said bondholders of its subsidiary Lime Petroleum Holding AS (LPH) have warned of a potential default of bond terms, prompting the company to begin a strategic and financial review, according to a press release.

LPH is also in the process of appointing a chief restructuring officer as discussions with bondholders have commenced.

The subsidiary’s board received a letter from bondholders putting directors on notice of the potential default, which remains under assessment.

The letter also stated that no corporate actions should be undertaken by LPH without prior consultation with bondholders.

LPH’s board is seeking legal advice on the next steps.

Rex said it will update shareholders if there are any material developments and advised investors to exercise caution when dealing in the company’s shares.

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