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Polarcus details restructuring plans

Dubai-based seismic specialist Polarcus has made public details of its financial restructuring process.

The company’s banks, lease providers and certain bondholders and shareholders, have entered into written agreements with the company committing them to support the restructuring.

The restructuring will reduce the company’s debt level significantly with renegotiated lease terms and the introduction of new call option prices for the bonds corresponding to a potential debt reduction of $280m. In addition, debt service payments during the next two years will be reduced by approximately $140m. The company said the deals it has struck will allow it “to continue to its operations”.

As of December 7, when Polarcus first announced it was seeking to restructure, it had a cash position of $68m and a backlog of $150m.

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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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