The company's creditor discussions continue, and the target remains to agree a sustainable financial solution on a consensual and cost efficient basis as early as possible. It is still unclear what a final solution may look like, but as previously reported a significant equitization of debt is anticipated which in turn is likely to result in minimal or no recovery for current shareholders.
Pending conclusion of the creditor discussions, the company continues to operate on a business as usual basis to protect and create value through challenging market conditions.
On this basis the company will continue to defer making payments of scheduled instalments and interests under both bank facilities. Similarly, payment of the final instalment owed and due under the seller credit to Cosco for the Safe Notos remains as initially reported on
Further information will be provided in due course.
Stavanger,
For further information, please contact:
Phone: +47 51 65 24 30 / +47 907 65 155
Phone: +47 51 64 25 17 / +47 478 07 813
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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