Bondholders reject Atlantic Offshore restructuring proposalCompany News // March 8, 2016
Atlantic Offshore has run into opposition from bondholders to plans to revise the capital structure of the group.
The company issued a summons to bondholders on 19 February 2016 for a meeting to discuss the plan, having first reached a master agreement with its banks and other secured lenders. Unfortunately, 91.3 per cent of the bondholders voted against the recapitalisation proposal.
Unfortunately for Atlantic Offshore, the deal required the support of unsecured bondholders. It is already in breach of their respective financing agreements.