Farstad Shipping standstill agreed

Farstad Shipping standstill agreed

Farstad Shipping has announced that its secured lenders have agreed to a formal standstill involving a deferral of all amortisations and interest throughout January 2017.

Farstad announced a move to stop paying its creditors last week while a takeover by Siem Industries is finalised.

Siem announced the takeover of Farstad last month, which will see Farstad issue a minimum of 702m ordinary shares for a total subscription of minimum NOK1bn ($117m) at a price per share of approximately NOK1.4245. Siem will underwrite NOK1bn of the cash issue, and subscribe for and be allocated a minimum number of new shares so that Siem owns 50.1% of the shares in Farstad, post restructuring.

Kristian Siem has been one of Norway’s leading champion consolidators in the offshore scene in the past 18 months.

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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