Solstad Offshore moves to suspend debt repayments

Solstad Offshore moves to suspend debt repayments

Solstad Offshore has asked its lenders for a suspension of both principal and interest payments.

Solstad, which initiated discussions with lenders to restructure its finances in October, says that it hopes to have the suspension agreement in place by December 20.

The measure will allow the company time to finalise negotiations on its long-term financial position.

In a letter to clients (below), CEO Lars Peder Solstad said the company continues to operate as usual and the discussions with lenders will have no impact on customers, suppliers or employees.

 

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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