Middle EastOffshore

Polarcus completes financial restructuring

Offshore survey specialist Polarcus has announced that all conditions for the company’s restructuring have now been completed following the issuing of around $23m worth of new shares to investors in a private placement.

In the meantime, the company will initiate the processes required for completing the conversion of unsecured bonds to shares in the company. After completion of the bond write down, the outstanding amount under each bond issue will be further reduced.

Polarcus started a restructuring in 2016, which aimed to significantly reduce the company’s debt level and support the continued operations of the company.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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