Penn West to seek some relief from debtholders -CEO

Thu Jan 22, 2015 5:22pm EST
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CALGARY, Alberta Jan 22 (Reuters) - Penn West Petroleum Ltd may have trouble meeting cash flow covenants on C$2.1 billion ($1.7 billion) in bonds and is holding discussions with bondholders in an effort to keep doing business as usual, Chief Executive Officer David Roberts said on Thursday.

Roberts said he expects the bondholders will want to work with the Western Canadian oil producer.

"I expect them to want to work with us," Roberts said at an investment conference in Whistler, British Columbia.

"We need to be talking to folks about relief through the year. If we get that relief we will continue to press on with our programs. If there are other things we need to do in the interim to satisfy those debtholders then we'll certainly do that." ($1 = 1.2384 Canadian dollars) (Reporting by Scott Haggett; Editing by David Gregorio)