Struggling French offshore vessel owner Bourbon has received an offer for the takeover of its assets and activities.
As part of the reorganization proceedings opened since August 7, 2019, by the Marseilles Commercial Court to the benefit of Bourbon Corporation and its affiliate Bourbon Maritime, Court Administrators have received a takeover offer, Bourbon said in a statement on Wednesday.
Bourbon Corporation had requested the opening of reorganization proceedings further to the guarantees redeemed by Chinese company ICBC Leasing for an amount exceeding $800 million.
The reorganization proceedings are a collective procedure that freezes the liabilities existing at the beginning of the procedure during the observation period which can last up to 18 months. The purpose of this procedure is to enable the debtor to present a plan for the continuation of his activities by reorganizing his debt – which may be spread over a maximum period of 10 years – and to ensure his recovery.
The takeover offer, made by a company owned by a group of French banks, concerns assets and activities of Bourbon Corporation.
As other takeover or continuation offers could be received by the Court Administrators, Bourbon Corporation has asked Euronext Paris to suspend the listing of its shares as of Wednesday, October 9 and until the Commercial Court has completed its analysis of the various options.
In addition to its reorganization, Bourbon has also recently been under the spotlight due to the sinking of its Bourbon Rhode vessel.
The offshore vessel Bourbon Rhode sank on September 26 after finding itself near the eye of a category 4 hurricane “Lorenzo.” There were 14 people aboard at the time of the accident. Three crew members were rescued, four were confirmed dead and their bodies recovered, while seven crew members still remain missing.
In the latest update related to the Bourbon Rhode vessel, Bourbon said on Tuesday that the search for survivors had delivered no result so far after seafarers spotted a potential distress flare in the area.
Offshore Energy Today Staff
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