Afren’s future hangs in balance after Luxembourg suspension

Oil firm Afren is facing an uncertain future as shareholders prepare to vote on the proposed financial restructuring of the company.

 

The group is due to meet next week in order to establish its next move, having suffered a series of setbacks over the past 12 months. 

 

Trading on the London Stock Exchange was suspended last week, and the Luxembourg bourse subsequently announced that it had suspended trading of Afren’s bonds as the company was heading towards default.

 

Afren has struggled since chief executive Osman Shahenshah and chief operating officer Shahid Ullah were suspended and then fired over the receipt of unauthorised payments last year. It has also faced difficulties amid the global oil price rout.