IOG appoints administrators to evaluate financial position

IOG PLC on Wednesday said it has appointed joint administrators, which are now evaluating the company's position.

It said the administrators are engaged in discussions with its senior secured bondholders and other creditors to consider all available options, including a potential restructuring to protect the operating subsidiaries which are not in administration.

Its shares were suspended at 0.93 pence each at the end of September.

At the time, the London-based, UK-focused gas developer and producer said it will be placed into administration in order "to preserve the value of the business for creditors."

IOG noted that its interim results for the six months ending June 30 will not be released.

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