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DOF Subsea seeks further extensions to standstill period
Chicago, Sept. 16 – DOF Subsea AS has asked Nordic Trustee AS to arrange bondholder meetings regarding three bond loans to extend the standstill period for the bonds, according to an announcement.
The company wishes to extend the standstill period to Oct. 31, and possibly on one or more occasions to Feb. 22, 2022.
The meetings are for bondholders of the company’s FRN DOF Subsea AS senior unsecured bond issue 2013/2020, DOF Subsea AS 9˝% senior unsecured bond issue 2017/2022 and FRN DOF Subsea AS senior unsecured bond issue 2018/2023.
There is a current agreement in place that ends Sept. 30.
Discussions are continuing. The group, its secured lenders and the advisers to the bondholders have made progress on an overall financial restructuring of the group since discussions started in June.
Some issues remain to be resolved.
A request has also been made to the group's secured lenders to extend the suspension of payments of principal and interest that have been granted by a majority of its secured lenders.
DOF Subsea is a Storebo, Norway-based oil and gas industry services provider.
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