Greenfields Petroleum Corp. signed a sixth amending agreement with its senior lender that extends the maturity date under the loan agreement dated Nov. 25, 2013, until June 30, the company said May 17.
This extension will give Greenfields Petroleum International Co. Ltd. time to complete the acquisition of the balance of the Bahar Energy Ltd. shares that Greenfields does not currently own; a debenture conversion will then be implemented.
The restructuring of the loan principal amount of $27 million plus accrued and unpaid interest, originally due Dec. 31, 2015, will be completed.
Greenfields Petroleum Corp. is based in Houston.
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