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Dolphin Group files for bankruptcy; trading of bonds, shares to halt
By Mark Reccek
Bethlehem, Pa., Dec. 14 – Dolphin Group ASA filed for bankruptcy in Oslo, Norway, on Monday, according to a news release.
The release said the company recently explored a number of alternatives with the goal of reaching an agreement with all of its stakeholders that would allow the company to continue its business operations.
“In spite of hard work, good spirit negotiations from all involved parties, including the employees/staff, banks, bondholders, suppliers and customers, and continued operations throughout, the fact that the market has further deteriorated and that the expected timeline for an uplift in the market conditions has been further extended, the board of directors of the company has unanimously come to the conclusion that there is no longer a basis for continued operations, and subsequently the assumption of a going concern cannot be upheld,” the release said.
According to the release, all trading of company shares and bonds will halt. The company also said it will request all trading not resume.
“Due to the continued deterioration in the oil service market, Dolphin has had to make the decision to file for bankruptcy,” Tim Wells, chairman, and Atle Jacobsen, chief executive officer, said in the release. “It is a difficult decision, but in light of the unpredictability of the oil price and subsequent spending cuts of our customers, it has become impossible to have the visibility needed to continue our business. We have worked diligently since 2011 to build Dolphin into a company that would benefit all of our stakeholders, shareholders, lenders, suppliers, customers and our employees.”
Dolphin is a supplier of marine geophysical services based in Bergen, Norway.
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