Afren: New CEO, bond default


Issue 300 - 15 May 2015 | 1 minute read

Afren has named former Roc Oil chief executive Alan Linn as its new chief executive. Linn takes over from senior independent director Toby Hayward, who has been acting as interim chief executive. Roc was taken over last year by Fosun International subsidiary Transcendent Resources. On 30 April, Afren announced a pre-tax loss of $1.955bn for 2014, compared to a $140m profit in 2013, and the company warned on 11 May that it would miss the interest payment on its 2019 bonds as talks continue on a restructuring agreement with lenders.

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