Troubled Dubai-headquartered seismic shipowner Polarcus has been told by creditors that enough is enough. All bar one of Polarcus’s ships will now be brought into anchorage and readied for sale. A raft of redundancies are about to be initiated.
Lenders have made clear that they remain open to discuss a standstill period in relation to their remaining claims and collateral with the view of finding a solution which would allow the continued operation of survey vessel Vyacheslav Tikhonov, owned by Polarcus Selma, a subsidiary of the company.
, owned by Polarcus Selma, a subsidiary of the company.Splash reported last week that Polarcus had halted all payment of interest and amortisation to its lenders after confirming a payment default under its working capital facility.
I just read on another maritime trade journal that Polarcus is winding down, operations ceased, all employees terminated. I hope someone else picks up at least some of the vessels and employees – perhaps Fugro?