Olympic gets a little more timeCompany News // October 4, 2016
Norwegian offshore vessel owner Olympic Ship AS has a secured a further extension to a stand-still agreement with secured lenders. It recently agreed an extension of the original agreement to 30 September, and now has agreement to extent that to 14 October.
In a statement, Olympic said: "The process is continuing, and in order to provide further time to secure a long term solution for the benefit of all stakeholders, the company and secured lenders have agreed to extend the stand-still
agreement up to and including 14 October 2016. As part of the stand-still agreement, the group will continue
to pay interest to the finance providers and the secured lenders have agreed to postpone all amortization and maturities during the stand-still period.
"In anticipation of the successful outcome of the discussions with the secured lenders and bondholders, the group will continue to operate normally," said the statement, noting that the liquidity of the group "remains stable for the period to come in anticipation of an amended financing arrangement."
As previously highlighted, the company has retained Fearnley Securities and EY as financial advisors and Wiersholm as legal advisor to assist the company to address a long term financing solution.