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    Consortium of local investors to invest in Olympic

    News // October 17, 2016

    Olympic Ship AS in Norway, which has been seeking ways to refinance, and twice extended a stand-still agreement with secured lenders, says a consortium of local investors is willing to invest in a restructured Olympic group.

    In a statement, Olympic said that, subject to certain terms and conditions, including the successful completion of discussions with finance providers and board approval of the investors, the consortium is willing to invest approximately NKr 500 million, out of which approximately NKr 400 million is new liquidity.

    The investment is contingent on a restructuring of the group, which needs to be agreed with the finance providers. The current shareholders will be invited to participate in the share issue on equal terms.

    Companies controlled by the main shareholder of the company, Stig Remøy, are among the investors in the consortium. The remaining parties in the consortium are investors with direct or indirect connection to the maritime cluster in Sunnmøre, Norway.

    "I am happy that, after a comprehensive process, have succeeded in establishing a local consortium that believes in Olympic and the company's fleet. It is very positive that the maritime cluster in Sunnmøre has again proved its ability to find local solutions," said Mr Stig Remøy.

    A statement from the company said: "The consortium's willingness to invest is a highly important step towards finding and agreeing a restructuring of the group and its financing structure, which may involve structural changes to the group. However, several other important elements remain and the company will work with its finance providers, the consortium and other stakeholders to reach such a solution, but no guarantee can be given that such agreements can be found in a timely manner."

    In anticipation of the successful outcome of the discussions, the group will continue to operate normally.

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