Golden Close Maritime won’t make 9% bond payments amid ongoing talks

By Caroline Salls

Pittsburgh, April 29 – Golden Close Maritime Corp. Ltd. does not expect to make scheduled interest and fixed amortization payments on its 9% senior secured callable bond issue 2014/2019 as a result of ongoing discussions regarding a long-term solution to its financial position, according to a news release.

Golden Close said it is “facing very challenging market conditions under the current downturn of the oil price,” but it recently secured a conditional letter of award for a contract for employment of its drillship with Petronas in Malaysia for an employment period of at least 60 to 70 days and, potentially, up to 245 days.

In the context of the entry into the Petronas contract, the company said it has a stable operating platform.

Golden Close said a majority of the bondholders support the entry into the contract, and the company is in talks with bond trustee Nordic Trustee ASA to formalize a longer-term plan for its financial position, including a waiver of some events of default.

Golden Close owns and operates the drillship Deepsea Metro I in Tanzania and Kenya. It is based in Bergen, Norway.

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