Hermitage gets 10-day extension of forbearance on $132.9 million loan

By Taylor Fox

New York, Aug. 3 – Hermitage Offshore Services Ltd. has agreed to a 10-day extension of its forbearance agreement, dated July 8, to its $132.9 million term loan facility dated Jan. 14, 2020, according to a news release.

While the extension of the forbearance agreement does not address the long-term liquidity and restructuring needs of the company, the lenders have agreed to forbear from exercising any of their rights and remedies under the term loan facility and any other finance agreements related to the term loan facility in the event of a default by Hermitage until Aug. 10.

DNB Bank ASA is agent and security agent.

Hermitage Offshore is a Hamilton, Bermuda-based offshore support vessel company that owns 23 vessels operating primarily in the North Sea or the West Coast of Africa.

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