Island Offshore updates restructuring plans

Island Offshore updates restructuring plans

Island Offshore Shipholding has announced it has reached agreement in principle on the terms of a proposed restructuring with certain of its main lenders and an ad hoc group of bondholders in its NOK700m senior unsecured callable bond issue.

If approved by all relevant stakeholders, the restructuring will include extensions of certain of the company’s and its subsidiaries’ financial indebtedness including the bonds, contribution of NOK100m new equity from shareholders, easement of financial covenants and certain amendments to the company’s newbuilding schedule.

Island Offshore expects to publish the final details of the proposed restructuring before the end of this month.

It warned in a release to the Oslo Bors that “no assurance can be given that the contemplated refinancing will actually be completed”.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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