Olympic Ship buys more time

(Photo: Olympic Ship)

Olympic Ship has secured another stand-still extension agreement with its lenders as part of its ongoing financial restructuring activities.

Norway-based shipowner informed that its Secured Lenders agreed to extend the stand-still agreement up to, and including December 21, 2016, to provide more time for Olympic Ship to secure a long-term solution for the repayment of the financial debt for the benefit of all stakeholders.

This is now the ninth extension to the original stand-still agreed back in July 2015, with the most recent stand-still extension that ended yesterday, November 30.

Olympic Ship said it would continue to pay interest to the finance providers, and the Secured Lenders have agreed to postpone all amortization and maturities during the stand-still period.

“Even with the continued support by the Secured Lenders through the extended stand-still, and the ongoing discussions with the other stakeholders, as previously informed, no guarantee can be given that a solution can be found with the relevant stakeholders in a timely manner,” the company said.

Olympic Ship added it would continue paying all its trade creditors in anticipation of the successful outcome of the discussions with the Secured Lenders, bondholders, and other stakeholders.

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