Norwegian offshore survey specialist PGS has launched a scheme of arrangement in the UK via the issuance of a practice statement letter to the lenders under its $350m revolving credit facility and $522m term loan B facility.
PGS is proposing the scheme to implement the financing transaction announced last month. Lenders representing 95.4% by value of debt have entered into the Lock-up Agreement and agreed to support the transaction, which is expected to close during the first quarter of 2021.
PGS will continue to operate its business as usual in the meantime.
In June, PGS implemented a series of cost reduction measures of about $400m through staff reductions, re-organisation, consolidation of offices, re-negotiation of service agreements.