Bondholders approve Seabird debt restructuring deal

Bondholders approve Seabird debt restructuring deal

Holders of Seabird Exploration’s SBX04 bond issue have approved a proposal from the seismic specialist to restructure its debts which would see its debt reduced by $22m and lease obligations reduced by $10.4m.

SeaBird is looking to convert to equity up to 81.5% of outstanding debt under a bond loan, up to 81.5% of unpaid and remaining charter hire for Munin Explorer owed to Ordinat Shipping under a bareboat charter agreement, and up to 81.5% of outstanding indebtedness under a credit facility for bunker purchases from Glander International Bunkering.

To finalise the proposal, announced last month, the company will also need shareholder approval at an extraordinary general meeting of the company, and consent to the restructuring from Ordinat and Glander.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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