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Report: BNP Paribas, Barclays, other creditors facing £122M in losses on bankrupt First Oil

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Report: BNP Paribas, Barclays, other creditors facing £122M in losses on bankrupt First Oil

BNP ParibasSA was lead lender to collapsed U.K.-based First Oil Plc, and,together with other creditors, faces a loss of £122 million, Bloomberg Newsreported April 7.

The oil company, which entered U.K. bankruptcy protection inFebruary, owes around £149 million in loans to several lenders, includingsecured creditors BarclaysPlc, ING GroepNV, Bank of NovaScotia, OaktreeCapital Group LLC, Commonwealth Bank of Australia and , the newswire said,citing bankruptcy filings. Bank of Nova Scotia, however, hasexited its position in the debt, according to a spokeswoman speaking toBloomberg.

The creditors might receive about £27 million in proceedsfrom asset sales, and they reportedly agreed on April 4 to accept thewritedown, according to the report.