Jan 24 (Reuters) - Hedge fund Asia Research and Capital Management (ARCM) on Friday raised fresh concerns over Premier Oil’s plan to have its creditors vote on the planned acquisition of North Sea assets under a scheme that allows it to delay debt repayments and issue new shares.
Premier Oil is set to buy North Sea assets from BP and increase its stake in the Tolmount gas project, funded by a $500 million rights issue, but faces opposition from its biggest creditor ARCM, which vowed to fight the plans.
The indebted company won permission from a court last week to have its creditors vote on the planned acquisitions of North Sea assets for around $800 million. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anil D’Silva)
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