UK's Petrofac secures court approval for $355 million funding boost
May 20 (Reuters) - British oilfield services provider Petrofac (PFC.L), opens new tab on Tuesday said it has secured High Court approval for its restructuring plan, unlocking $355 million in funding to significantly reduce its debt.
The embattled firm struggled with cost overruns and payment delays for most of last year, leading to multiple profit warnings in the past year.
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The Independent
8 minutes ago
- The Independent
Festival-goers warned to watch out for ‘ticket traps' when booking summer events
Festival and concert-goers are being warned to watch out for 'ticket traps' set by fraudsters to steal their cash. With many events taking place over the summer, fans desperate to get their hands on coveted tickets to see their favourite bands perform live could be susceptible to scams. Pearl Akintola, a consumer fraud expert at credit information company Experian, said: 'It is vital that consumers are aware of the potential traps that are out there and how to avoid them. 'These traps exist not only with ticket sales, but also for those booking last-minute travel and accommodation to attend festivals. It's vital to think through any big-ticket purchases by firstly validating the credibility of the seller, then being careful in how you complete the payment transaction.' Recent analysis by Lloyds indicated that Oasis fans have collectively lost more than £2 million to scams since tickets for the band's long-awaited reunion tour went on sale last year, with an average loss of £436. In a warning about where many scams are originating, Lloyds highlighted unofficial groups set up on social media, dedicated to buying and selling tickets for the Oasis tour. Here are some tips from Experian for people looking to buy tickets to gigs and festivals or book travel: 1. Know how to spot fake websites. When buying tickets, make sure you are using verified websites, which could include the festival's official site, the promoter, or a verified ticket exchange. Always double-check the website address. 2. Do background checks. Check sellers' reviews and verify if they have a reachable email or phone number. If you are buying from an independent seller, make sure you ask as many questions as possible (such as when the ticket would arrive and the type of ticket they are selling) and then confirm these details with a verified source such as the promoter's website. 3. Be mindful of how you pay. If you are paying by credit card, you may be able to make a Section 75 claim if something goes wrong. Section 75 of the Consumer Credit Act means the card issuer can be held jointly liable for the failure of the goods and services being provided, subject to terms and conditions. 4. Ask yourself if it is too good to be true. If a seller is offering you a bargain price for a ticket to a popular event, this could be a red flag. Verify the seller's details and the average price of tickets from credible sources. Thinking you have found an affordable ticket may be a very exciting moment but try to keep your calm and approach opportunities with caution. 5. Report fraud. As well as reporting it to your financial firm, crimes should be reported to the police. It may also be worth checking your credit reports for signs of any fraudulent activity. Credit reference agencies can help to put right any damage done to reports.
The Independent
12 minutes ago
- The Independent
Gary Neville delighted ‘star player' Bruno Fernandes is set to stay at Man Utd
Gary Neville has welcomed reports Manchester United captain Bruno Fernandes is set to turn down a lucrative move to Saudi Arabia. The 30-year-old Portugal international has been the subject of speculation linking him with a £100million switch to Al Hilal, with the Saudi Pro League side reportedly prepared to pay him £700,000 per week. Though United did not comment when contacted by the PA news agency, stories emerged on Tuesday suggesting the midfielder does not want to make such a move at this stage of his career. That news would give head coach Ruben Amorim a huge lift as he tries to reshape the squad after a dismal season. United endured their worst finish of the Premier League era, finishing 15th, with Fernandes one of the few players to emerge with credit. Former United and England defender Neville told Sky Sports News: 'It's significant. 'I think that there was an element of this situation that meant United getting that level of money, for someone of Bruno's age, obviously, you couldn't say that it would have been a bad deal. 'But, on the other hand, Manchester United's star player – only player at times – for the last four, five, six years, has been Bruno Fernandes. He's so important. 'The fact that he wants to stay, the fact that he wants to go through this and come out the other side, because it would have been easy for him at the end of this season to say, 'Look, I'm done here', will endear him towards Manchester United fans even more. 'To turn that money down at a point where Manchester United are at their lowest ebb and say, 'No, I want to fight through this, I want to see it through the other side, I want to come out and achieve things,' I think it says a lot about him as a person, as a character. 'The club needs people who are going to run through a brick wall for them.' United have already made one move in the transfer market this summer by signing Brazil forward Matheus Cunha from Wolves. They are also being heavily linked with Brentford forward Bryan Mbeumo. Departures could include Jadon Sancho, although latest reports have suggested Chelsea are prepared to pay a penalty fee to escape an obligation to make his current loan permanent. Neville said: 'They need players who are going to come in and hit the ground running and Cunha and Mbeumo have got obviously Premier League experience. 'I know that Ruben Amorim has this system where he plays these two players in behind a striker. If those two players are Mbeumo and Cunha then Manchester United will at least be able to travel quickly from deep positions into attacking positions because they can both run. 'We know the likes of Sancho, (Marcus) Rashford, Antony, and probably (Alejandro) Garnacho are going to leave, so they need definitely players in those positions.'
Telegraph
13 minutes ago
- Telegraph
Bruno Fernandes to reject £200m Saudi Arabia move
Bruno Fernandes is ready to reject a move to Saudi Arabia to stay in Europe following talks over a lucrative deal with Al-Hilal. The Manchester United captain, 30, has been the main summer target for the Saudi champions as they look to add to their squad before playing in the Fifa Club World Cup this month. But it is understood that Bruno has reservations about playing in the Saudi Pro League and could make an announcement tonight while on international duty with Portugal where is scheduled to speak ahead of the Nations League semi-final with Germany. Fernandes's agent, Miguel Pinho, held talks in the Four Seasons hotel in Riyadh last week with the possibility of leaving Old Trafford raised. Al-Hilal are looking to make up to three signings this summer and take advantage of United's financial problems with a deal that could be worth between £80 million and £100 million. The net salary for Bruno would have been the UK equivalent of more than £1 million per week before tax. With years of losses, United's financial plight saw them go on a post-season tour of Asia to generate funds. Earlier in the season co-owner Sir Jim Ratcliffe said they would have gone 'bust by Christmas' without cost-cutting measures. After their win against Hong Kong on tour, Ruben Amorim, the manager, was asked whether it was Fernandes's last game in a United shirt, and replied: 'I don't think so. I don't know for sure. I think he wants to stay. He is saying no to a lot of things. The club can find other ways to make money. The feeling I get is that he wants to continue for sure with Man United, [but] you never know.' Bruno gave no guarantees over his future when asked towards the end of the season, and funds would have helped United reshape their squad. They have signed Matheus Cunha from Wolves to add to their attack, while Bryan Mbeumo from Brentford is another target, which Telegraph Sport revealed last month. 'We are a bit limited [in the transfer market] and we can't do it all in one summer. But there is a clear picture for what we want,' Amorim said.
