Nigerian banks played hardball over Afren debt — and won
![oil_field_230px](https://assets.euromoneydigital.com/dims4/default/1da6b92/2147483647/strip/true/crop/230x150+0+0/resize/840x548!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F2a%2Fd1%2F86698236bcd40c4397f81fb198f6%2Foil-field-230px.jpg)
Afren, the troubled oil exploration company, has avoided imminent bankruptcy with a $200m lifeline credit facility. The money injection follows a tense restructuring process in which two Nigerian banks dictated terms to a group of global financial giants, writes Olivier Holmey.
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