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.

Share this article

Follow Tidal Energy Today

Events>

<< Feb 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 1 2 3 4

Waterpower Week 2018

This 3-day jam packed event provides you the opportunity to network, learn about legislative and regulatory initiatives, and discuss…

read more >

RenewableUK Wave & Tidal 2018

The event will bring together leading developers, OEM’s, financial and innovation funding experts, technical and safety professionals…

read more >

Scottish Renewables Annual Conference

Scottish Renewables’ Annual Conference 2018 will take place against a background of these debates and examine in detail what these changes…

read more >

Maritime & Offshore Career Event (MOCE)

There is something for everyone; MOCE is not only for starters, experienced professionals also visit the event to find their next career move…

read more >