Hurricane Energy lifts lid on debt deal that will significantly dilute value of existing shareholdings It follows major downgrades to the Lancaster field which have meant production will not be sufficient to repay bonds from cash flow. Hurricane Energy PLC (LON:HUR) has announced a financial restructuring that features a debt-for-equity switch that will massively dilute the value of existing shareholdings. A deal struck with a 69% majority of the group’s convertible bond holders will see some US$50mln of the total US$230mln debt swapped for new shares in the company. These refinancing shares will equate to 95% of the group’s fully diluted pro forma equity immediately following the restructuring.