Axxis Geo Solutions rolls out debt restructuring plan

Norwegian offshore survey firm Axxis Geo Solutions has announced a draft plan for its proposed debt restructuring after it filed for a court protected reconstruction in February.

The restructuring plan involves a forced debt settlement of the company’s unsecured debt which will settle 5-20% of its outstanding amount in cash while the final percentage has yet to be determined. Creditors will have an option to convert their outstanding claim to shares in the company, while the company’s secured debt to Export Credit Norway will be settled in full through a sale of research vessel Neptune Naiad and related equipment.

The proposed plan would be financed through raising new equity and a group of investors have signed a committed term sheet to inject $17m-$20m into the company.

“Axxis will, after a successful reconstruction in line with the proposed plan, have a balanced financial position and good liquidity reserves to support continued operations. We have today outlined the draft for the reconstruction and implication for the stakeholders, as part of the reconstruction process, and expect the plan to be ready for a creditor vote after Easter,” said Nina Skage, a board member of Axxis.

“The company has received an alternative proposal, which has been carefully considered by the company together with its advisers. Axxis considers the proposal not to be feasible due to a set of legal, commercial and financial reasons,” Skage added.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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