Bourbon suspends share trading as creditors seek $800m

Bourbon suspends share trading as creditors seek $800m

French offshore service provider Bourbon has applied to suspend its stock listing after creditors requested payment of $800m owed by the company.

Bourbon said it is examining available options and intends to pursue discussions with its creditors with the objective to take all appropriate measures to protect its interests and those of its personnel.

Last month, Bourbon said its board was considering two financial restructuring proposals designed to move the struggling company forward. The company’s founder Jacques de Chateauvieux is behind one of the proposals and he has also returned to the company as CEO to help with the restructuring.

Bourbon has been in discussions with lenders since March 2018, having posted a loss of €576.3m ($649.7m) in 2017 and a loss of €457.8m ($516.1m) in 2018.

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.

Related Posts