Oceanteam initiates debt for equity restructuring

Oceanteam initiates debt for equity restructuring

Dutch offshore service provider Oceanteam has decided to start a restructuring of the company’s capital structure.

The company said the decision was due to lingering discussions with the company’s banks SMN, DVB and NIBC to resolve a short term and a more structural dividend flow from cash accumulated within its vessel owning subsidiaries.

Currently Oceanteam owns a 50% share in around $10m worth of equity accumulated in joint venture companies. The company foresees a significant part of the amount to be free liquidity, which is currently blocked by the banks.

The board of the company is now preparing to call a bondholders meeting and an associated extraordinary general meeting which includes a proposal for an extensive debt for equity swap.

Additionally, other proposals will be presented to the shareholders such as the appointment of a new auditor, eventual changes to the board of directors, a cross border merger and the issue of new equity.

Oceanteam has been in a restructuring process since 2016.

In March, Oceanteam announced the resignation of the company’s co-founder and CEO Haico Halbesma.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts