Olympic Ship secured lenders extend standstill agreement to Nov. 30

By Caroline Salls

Pittsburgh, Nov. 29 – Olympic Ship AS’ standstill agreement with its secured lenders was extended through Nov. 30 from Nov. 25, according to a news release.

The company said it is in “advanced discussions” with the lenders, investors and bondholder representatives regarding an adjustment to the repayment profile of the financial debt of Olympic Ship and its subsidiaries.

According to the release, the standstill extension is designed to provide more time to secure a long-term solution for the benefit of all stakeholders.

As part of the standstill agreement, the group will continue to pay interest to the finance providers. The secured lenders agreed to postpone all amortization and maturities during the standstill period.

Even with the continued support from lenders, the group said it might from time to time be in breach of some financing agreement covenants.

In anticipation of the successful outcome of the discussions with the lenders, bondholders and other stakeholders, the group said it will continue to operate normally.

The liquidity of the group remains stable in anticipation of an amended financing arrangement, the release said.

Olympic is a shipping company based in Fosnavag, Norway.

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