Olympic bondholders agree to conversion

Olympic bondholders agree to conversion

Norwegian OSV operator Olympic Shipping has said all key parties have agreed on its restructuring whereby two bond issues will be converted in the coming days.

Under a significant restructuring announced in December last year Olympic has sold four ships, spun off its subsea division and worked up $47m in fresh capital to give the group the liquidity it needs to survive through to the end of the decade.

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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