Farstad's standstill agreement extended into late DecemberCompany News // November 10, 2016
Referring to earlier announcements dated 30 September 2016 about an extension of a standstill and deferral agreement it had reached with its lenders, Farstad in NOrway says the parties to the standstill and deferral agreement have agreed to extend the agreement agai, until 20 December 2016.
"Effectively, all amortisations of the Farstad group falling due to the relevant creditors from and including 1 July have been postponed until 20 December 2016, subject to certain conditions to be met during the course of the standstill period," said the company.
"The extension of the standstill and deferral agreement facilitates and supports the Farstad group's continued constructive dialogue with investors, strategic partners and lenders. In parallel, Farstad continues the work to optimize its operating model, fleet composition and fleet utilization, as well as operating cost improvements."