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Olympic Ship secured lenders extend stand-still agreement to Nov. 18
By Angela McDaniels
Tacoma, Wash., Nov. 14 – Olympic Ship AS and its secured lenders extended their stand-still agreement to Nov. 18 from Nov. 11 as discussions continue with the secured lenders, investors and representatives of the company’s bondholders, according to a company announcement.
The company is seeking to adjust the repayment profile of its debt.
As part of the stand-still agreement, the company will continue to pay interest, and the secured lenders have agreed to postpone all amortization and maturities during the stand-still period.
The company gave no guarantee that a solution can be found with its stakeholders in a timely manner and warned that it might from time to time be in breach of some of the covenants in its financing agreements.
The company said that it will continue to operate normally and pay its trade creditors and that its liquidity is stable.
The standstill was previously extended from Oct. 28, Oct. 21, Oct. 14 and from Sept. 30.
The company said on Oct. 14 that a consortium of local investors will invest NOK 500 million in the business of the restructured Olympic group of companies, of which about NOK 400 million is new liquidity.
The investment is contingent on the group’s planned restructuring, which requires approval from finance providers, according to a previous company notice.
The consortium includes companies controlled by the company’s main shareholder, Stig Remoy. The remaining investors have direct or indirect connections to the maritime cluster in Sunnmore, Norway.
Current shareholders will be invited to participate in the stock issue on equal terms.
Fearnley Securities and EY are acting as financial advisers to the company and Wiersholm as legal adviser.
Olympic is a shipping company based in Fosnavag, Norway.
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