EuropeFinance and InsuranceOffshore

Majority of lenders back Olympic Subsea restructuring plan

Norwegian offshore player Olympic Subsea said on Monday that its proposed plan for the restructuring of the financial indebtedness has received support from the majority of bank lenders.

The restructuring should result in a significantly smaller annual debt to pay, a sufficient cash balance and better financial stability, the company said in a stock exchange release.

The Oslo-listed firm added that it now aims to establish agreements with the rest of the lenders by the end of this month.

The proposed plan includes, among other things, a deferred payment deadline on bank loans until March 31, 2023, as well as reduced interest costs and fixed repayment plans.

Adis Ajdin

Adis is an experienced news reporter with a backgroud in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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