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Olympic restructuring approved

Key stakeholders in Olympic Ship have come out in support of a new restructuring plan, which will allow the Norwegian OSV firm to carry on operations.

Olympic said new investors, secured lenders, shareholders, and yard creditors have all entered into agreements committing them to support the restructuring.

The company has in addition received voting undertakings and support from bondholders in favour of the restructuring.

The restructuring will create what Olympic described as “a financial runway” for the group through 2020, even in a low case scenario with limited or no utilisation for the vessels without long term contracts.

Through implementation of the restructuring, a new pure-play subsea structure will be created and NOK400m injected in new equity. A new company, Olympic Subsea, currently named Olympic Offshore will be capitalised.

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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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