Norwegian provider of subsea and offshore construction vessels, Olympic Ship, said it has reached an agreement with its secured lenders to extend standstill agreement until and including January 31, 2017.
The standstill agreement was extended in order to complete the restructuring of the group, including in particular final documentation and agreements.
To remind, the company has obtained support from its key stakeholders for the financial restructuring.
Through implementation of the restructuring, a new pure-play subsea structure will be created and NOK 400 million injected in new equity.
As a part of this standstill agreement, the group 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.
Nevertheless, the company said that “While the restructuring is in its final phase and the company expects the restructuring to be completed shortly, the company can offer 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.