Court receives four takeover offers for Bourbon

The Marseilles Commercial Court has received offers for concerning assets and activities of Bourbon Corporation and Bourbon Maritime.

Source: Bourbon

Bourbon said on Friday that four candidates submitted an offer to the Marseilles Commercial Court.

In accordance with the conclusions of its judgment of November 18, the Commercial Court set December 10 as the date for review of the takeover bids.

The company added that this context doesn’t allow a resumption of the listing of Bourbon Corporation shares and bonds. The shares have been suspended from listing on Euronext Paris since October 9.

It is worth reminding that Offshore Energy Today reported on the court receiving an offer for the takeover of Bourbon back in early October.

At the time, the takeover offer for the struggling French offshore vessel owner was made by a company owned by a group of French banks.

As for the reorganization proceedings, they have been opened since August 7, 2019. Bourbon 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.

Offshore Energy Today Staff


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Posted on November 22, 2019 with tags .

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