Olympic Gets Another 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 December 21, 2016.

The announcement follows the one from Tuesday in which the company informed that it secured an extension until November 30, 2016.

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.

However, the company said that “even with the continued support by the secured lenders through the extended stand-still, and the ongoing discussions with the other stakeholders, no guarantee can be given that a solution can be found with the relevant stakeholders in a timely manner.”

Furthermore, Olympic said that the group might from time to time be in breach of certain of the covenants in its financing agreements.

The company’s liquidity remains stable for the period to come in anticipation of an amended financing arrangement.

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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