Challenger Energy Group PLC (AIM:CEG) (Challenger Energy Group PLC (AIM:CEG)) Eytan Uliel, Chief Executive Officer, joins Proactive London to talk about its complete balance sheet restructuring that it estimates will reduce its debts by around 85% by the end of the first quarter next year.
Its previously reported aggregate balance sheet payables, debts and potential liability exposure of US$22mln are expected to be reduced to around US$2.5mln following settlements with creditors and payment deferrals.
The cost-cutting programme has shrunk overheads by around 70% and added that it is evaluating options to secure additional funding.