Olympic Secures Standstill Agreement Extension

Norwegian Olympic Ship, a provider of inspection, maintenance, and repair vessels, has reached an agreement with secured lenders to extend standstill agreement until and including January 20, 2017.

As part of the standstill agreement, Olympic 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.

To remind, the company has obtained support from its key stakeholders for the financial restructuring of the Group.

Through implementation of the restructuring, a new pure-play subsea structure will be created and NOK 400 million injected in new equity.

The completion of the restructuring is subject to several terms and conditions, including an extraordinary general meeting  of the company (EGM) and final documentation and agreements with the relevant stakeholders.

However, the company said that “while Olympic is confident that the restructuring is the best available solution for all stakeholders and the Group, there can be no guarantees that final approvals, agreements and documentation will be reached or consummated.

Fearnley Securities and EY serve as financial advisors and Wiersholm as legal advisor to assist the company in its process of securing long-term financing solution of the Group.

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