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Cadogan Petroleum to take legal action against Proger Managers & Partners for outstanding loan repayment
StockMarketWire.com
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Oil and gas company Cadogan Petroleum said it would take legal action against Proger Managers & Partners for outstanding loan repayment.
The move to legal actions comes after the company received no update from Proger Managers & Partners despite granting the latter an additional three-week extension to comply with their duties to repay the loan.
PMP had been in default since 25 February 2021, the maturity date of the loan agreement.
'With effect from today, Cadogan will engage all the necessary legal actions to protect the interests of the company and all of the company's stakeholders via the competent authorities,' the company said.
At 9:09am: (LON:CAD) Cadogan Petroleum PLC share price was 0p at 2.75p
Story provided by StockMarketWire.com
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