Olympic Ship buys more time with second standstill extension

Oslo-listed Olympic Ship has again extended its standstill agreement with secured lenders, this time through to October 14.

Olympic will continue discussions with lenders, and the company will continue to pay interest to its finance providers during the period, while secured lenders will postpone all amortisation and maturities until the period is up.

“In anticipation of the successful outcome of the discussions with the secured lenders and bondholders, the group will continue to operate normally in all respects, upholding the highest level of service to all its customers and continue to pay all its trade creditors,” the company said in a release today.

“The liquidity of the group remains stable for the period to come in anticipation of an amended financing arrangement,” it added.

Olympic Ship first entered into the standstill agreement on July 5, and then extended the agreement through to September 30.

Fearnley Securities and EY have been retained as financial advisors and Wiersholm as legal advisors to assist Olympic Ship to address a long term financing solution for the Stig Remøy led company.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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