French offshore vessel owner Bourbon has signed an extension to a general waiver with lenders, allowing the company to continue to suspend payments servicing the majority of its debt.
Bourbon first suspended payments servicing its debt in July, and says the waiver allows it to “stay focused on its operational priorities, while pursuing its search for all solutions capable of adapting its financing to its performance, in a secured framework.”
In November, Bourbon went to the courts to commence conciliation procedures to help with its financial restructuring, a move which will see a conciliator appointed to help reach an agreement with the company’s stakeholders. Conciliation is a pre-insolvency procedure available to French companies which face legal or financial difficulties.
Bourbon says it remains confident in its ability to find a solution to its financial difficulties in an “amicable framework”.