Norwegian offshore vessel owner Olympic Ship has completed its financial restructuring announced in 2016.
Back in July 2016, the company informed it had started discussions with its secured lenders regarding the need to adjust the repayment profile of the financial debt of the company and its subsidiaries.
After months of talks with creditors, the company on December 9 had obtained support for a financial restructuring of the group from all key stakeholders. The aim of the restructuring was to create a financial runway for the group through 2020, even in a low case scenario with limited or no utilization for the vessels without long-term contracts.
Furthermore, the company made plans to create a new pure-play subsea structure, which would acquire 11 subsea vessels from Olympic Offshore.
The completion of the restructuring was subject to several terms and conditions, including inter alia, approval by the requisite bondholder meetings and final documentation and agreements with the relevant stakeholders.
On Friday, February 3 Olympic said it has reached and entered into agreements with the secured lenders and the bondholders with expectation to declare the agreements effective as of Monday, February 6, 2017. Consequently, the company expected the technical transformation of the company’s existing bonds to be initiated on February 6, 2017.
Offshore Energy Today Staff