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    Polarcus completes financial restructuring

    Company News // February 25, 2016

    Polarcus has announced that all of the conditions for the restructuring of the company have been fulfilled and that the various financing agreements have been amended as contemplated by the restructuring. As a result, the technical transformation of the company's previously issued bond issues has been initiated.

    The company will issue in total 463,491,579 Class B shares of a nominal or par value of US$0.0013 each to the bondholders having chosen Option B within the 'Mix and Match.'

    The new bonds and Class B shares are expected to be issued within two weeks as soon as the technical transformation is completed. During this period, and until the Class B shares have been delivered to the respective bondholders, all existing bonds and new bonds issued in connection with the restructuring will be blocked for transfer in the VPS.

    Following the issue of the Class B shares, the company will have an issued share capital of US$13,998,812.65 divided into 66,981,368 shares of a nominal or par value of US$0.20 each and 463,491,579 Class B shares of a nominal or par value of US$0.0013 each, all shares having equal rights in all respects, including with respect to voting and dividends.

    The company said it will work towards joining the two share classes, but can give no guarantee that this will be done as this is subject to conditions outside its control. 

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