Ravenna-based Micoperi was not able to reach a positive vote from 51% of the bondholders called to express their votes on the standstill request presented after the company did not repay $11m worth of instalments on a bond issue due for payment in April.
The Micoperi bond was issued in April 2015 with a volume of €35m ($43m), has a maturity date of April 29 2020 and offers a coupon of 5.75%.
The CEO of the company, Silvio Bartolotti, said in a statement that the company would plan another bondholders meeting before May in order to get the approval on the standstill request.
Micoperi is one of the leading Italian companies in the area of offshore oil services. It was established in 1946, and was taken over by Ravenna businessman, Silvio Bartolotti in 1996. Bartolotti still holds the majority share through the company Protan. Its wholly-owned and expanding fleet of vessels consists of three large-diameter pipe-lay barges, both with heavylift installation capability, diving support, anchor handling and support vessels, and transport and accommodation barges.