Under pressure Singapore OSV operator Atlantic Navigation has won important breathing space from its principle banker.
Maybank Singapore has revised the repayment and extended the tenure facilities of a $46m in credit.
Last month, Atlantic’s auditor Ernst & Young questioned the company’s ability to continue based on the company’s audited financial statements for 2016. Ernst & Young said that Atlantic’s ability to continue as a going concern is dependent on its ability to secure funding to support its working capital requirements in the near term and obtain support to restructure its loans and borrowings to enable it to meet its financial obligations.
Atlantic Navigation was established in the UAE in 1997, and completed a reverse takeover of in 2012. The entity was renamed as Atlantic Navigation Holdings (Singapore) and has been trading under this name on SGX Catalist since October 1 2012.