Norwegian shipowner Olympic Ship has completed its financial restructuring having reached an agreement with the stakeholders and secured lenders.
After Olympic Ship informed that discussions had begun with the secured lenders for the adjustment of the repayment of the financial debt of the company and its subsidiaries on July 5, 2016, the company has reached and entered into agreements with the secured lenders on Friday, February 3, 2017.
The agreement follows a number of stand-stills throughout 2016, and the support Olympic Ship received from all the key stakeholders on December 9, 2016, to create a new company Olympic Subsea which would be capitalized with new equity to be provided by existing owners of Olympic and new investors.
At that time it was proposed that NOK 400 million would be injected in the new pure-play subsea structure, in order to reduce company’s debt up to NOK 395 million.
The newly reached agreement is expected to be effective as of today, February 6, 2017, Olympic Ship informed.
“Trading of the existing bonds will be blocked on or about the third business day after the effective date, and the settlement date will occur on or about the seventh business day after the same,” Olympic Ship said.
Olympic Ship added that after the settlement date its existing bond issues will be discharged in full.
Through its current subsidiary, Olympic Shipping, the company provided vessels for several wave and tidal energy projects, including Waves4Power’s wave energy demonstrator in Norway, and Atlantis Resources’ MeyGen tidal energy project off Scotland.