Bourbon Corporation and subsidiary Bourbon Maritime has had French courts approve its request to open redressement judiciaire (rehabilitation proceedings).
Bourbon had requested the proceedings last month after China’s ICBC Leasing demanded outstanding payments for over $800m. The proceedings concern only holding companies Bourbon Corporation and Bourbon Maritime, meaning the company will continue operations normally.
Bourbon Maritime was added to the proceedings due to the acceleration by some French creditors of the repayment of debt worth around €720m ($807m)
Bourbon says it will continue with its #BOURBONINMOTION strategic action plan, and continue negotiations with its financial partners.