SeaBird Exploration, a seismic data acquisition company, said it will propose to its bondholders and certain of its other creditors a debt restructuring of the SeaBird group.
Following the restructuring the debt in Seabird should be reduced by USD 22 million and lease obligations would be reduced by USD 10.4 million.
The remaining debt under the SBX04 bond loan and the Glander credit facility would be a total of USD 5 million and the remaining lease obligations would be USD 2.4 million.
Details of the restructuring have been disclosed on Oslo Stock Exchange .