90% of the lenders of VoVL (formerly known as Videocon Oil Ventures Ltd)
Posted On : April 19, 2023
90% of the lenders of VoVL (formerly known as Videocon Oil Ventures Ltd) approved a conditional sale of 2 of its oil basins to Eneva S A and 1 oil basin to PetroRio, both of which are Brazilian gas operators. However, before this sale, the lenders must give VoVL's joint venture partner – Bharat Petroleum Corp Ltd (BPCL) the right to match these offers as per their JV contractual arrangements.
Accordingly, BPCL has been given 30 days to match the Eneva and PetroRio offers separately. If BPCL matches the offers, they will have to submit a resolution plan for VoVL, which will be put to vote by the RP.
After nearly four years of insolvency proceedings, lenders may recover almost 8% of their claims in the said matter
For more details please visit https://m-economictimes-com.cdn.ampproject.org/c/s/m.economictimes.com/industry/energy/oil-gas/vovl-lenders-green-light-sale-of-oil-basins-to-two-brazil-firms-with-a-rider/amp_articleshow/99505485.cms