Solstad Offshore has entered into agreements with its creditors to extend payment suspension as part of the company’s restructuring.
In December last year, the company secured a suspension and deferment of the payment of both principal and interest on the company’s loans until June 20, 2019.
According to Solstad Offshore, while the negotiations for the restructuring of the company are progressing, more time is required to find a sustainable solution to the financial situation of the company.
All the secured creditors being part to the suspension had agreed to an extension of the suspension until the expiry of October 31, 2019.
“Solstad Offshore is experiencing continued support from its creditors and stakeholders in this process which is conducted in a co-operative manner with a view to find a consensus based overall solution. It is acknowledged by all involved parties that securing contracts and operating the business in its ordinary course is a key priority, and the parties are acting accordingly,” the company said.