Olympic Shipping in standstill deal with lenders

Olympic Shipping in standstill deal with lenders

Olympic Shipping, an Oslo-listed offshore support vessels owner, has entered into a standstill agreement with its secured lenders.

The discussions with the lenders were initiated in the first quarter of 2016, in relation to the need for an adjustment to the repayment profile of the financial debt of Olympic Shipping and its subsidiaries.

According to a statement on Tuesday, this process is continuing, and in order to provide further time to secure a long-term solution “for the benefit of all stakeholders”, the company has entered into a standstill agreement with the secured lenders running up to and including September 16, 2016.

As part of the standstill agreement, the company will continue to pay interest to the finance providers and the secured lenders have agreed to postpone all amortization and maturities during the standstill period.

In anticipation of the successful outcome of the discussions with the secured lenders, the company said it would continue to operate normally “in all respects, upholding the highest level of service to all its customers and continue to pay all its trade creditors.”

Olympic Shipping says the liquidity of the company remains stable for the period to come in anticipation of an amended financing arrangement. The Company has retained Fearnley Securities and EY as financial advisors and Wiersholm as legal advisor to assist the Company in its process to address the contemplated

The company has retained Fearnley Securities and EY as financial advisors and Wiersholm as legal advisor to assist the company in its process to address the contemplated long-term financing solution of the Group.

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply