LONDON (Reuters) – Premier Oil’s PMO.L largest creditor, hedge fund Asia Research and Capital Management (ARCM), said it would oppose the plan announced by the company on Tuesday to extend its debt maturity and pursue a number of acquisitions.

ARCM, which holds more than 15% of Premier’s debt instruments, said the proposed acquisitions will only serve to increase risk for stakeholders.

Instead, ARCM said the company’s management should focus on deals that help significantly cut the company’s debt burden, adding it had suggested an alternative proposal to the company.