HSBC has reportedly sold its part of a $500m loan made to Petroceltic three years ago at a 30% markdown on face value, making a significant loss. Petroceltic’s shares were suspended March 7, down 96% from two years earlier. The bank is also said to have been forced into selling off the remaining stake in an oil and gas exploration project that it had bought for $200m from Petrobras last year.
HSBC has reportedly sold its part of a $500m loan made to Petroceltic three years ago at a 30% markdown on face value, making a significant loss. The bank is also said to have been forced into selling off the remaining stake in an oil and gas exploration project that it had bought for $200m from Petrobras last year.