Rem Offshore’s restructuring plans have been derailed. Aker Capital turns out to have been the major bondholder who decided to veto Rem Offshore’s refinancing og its REM04PRO bond issue.
Rem Offshore noted in a release that “Aker did not vote to support the restructuring”.
Rem Offshore’s restructuring plans, announced at the end of last month, also include a new private placement of NOK 150m, the conversion of NOK 513.5m in senior unsecured bonds to shares, a reduction of amortisations on all bank facilities with all bank maturities extended by 42 months in addition to amended financial covenants, and the cancellation of an AHTS newbuilding with Vard in exchange for equity.
