Olympic Ship extends stand-still to complete restructuring

(Photo: Olympic Ship)

Olympic Ship has secured an extension to the stand-still agreement from its lenders to conclude the ongoing financial restructuring within the company.

The Secured Lenders of the Norwegian shipowner Olympic Ship agreed to extend the stand-still until and including January 20, 2017.

As part of this stand-still agreement, Olympic ship will continue to pay interest to the finance providers, while the Secured Lenders have agreed to postpone all amortization and maturities during the stand-still period, Olympic Ship informed.

“While Olympic is confident that the restructuring is the best available solution for all stakeholders and the Group, there can be no guarantees that final approvals, agreements and documentation will be reached or consummated,” Olympic Ship said.

This stand-still extension follows the one from early December, and the subsequent approval for Olympic Ship’s financial restructuring the company secured from its stakeholders.

Through its subsidiary, Olympic Shipping, the company provided vessels for several wave and tidal energy projects, including Waves4Power’s wave energy demonstrator in Norway, and Atlantis Resources’ MeyGen tidal energy project off Scotland.

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