Olympic Shipping Strikes Deal with Creditors

Olympic Shipping, a Norwegian provider of inspection, maintenance, and repair vessels, has entered into a standstill agreement with its secured lenders.

The discussions with the lenders were initiated in the first quarter of 2016, in relation to the need for an adjustment to the repayment profile of the financial debt of Olympic Shipping and its subsidiaries.

According to a statement on Tuesday, this process is continuing, and in order to provide further time to secure a long-term solution “for the benefit of all stakeholders”, the company has entered into a standstill agreement with the secured lenders running up to and including September 16, 2016.

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

In anticipation of the successful outcome of the discussions with the secured lenders, the company said it would continue to operate normally “in all respects, upholding the highest level of service to all its customers and continue to pay all its trade creditors.”

Olympic Shipping says the liquidity of the company remains stable for the period to come in anticipation of an amended financing arrangement. The company has retained Fearnley Securities and EY as financial advisors and Wiersholm as legal advisor to assist the Company in its process to address the contemplated

The company has retained Fearnley Securities and EY as financial advisors and Wiersholm as legal advisor to assist the company in its process to address the contemplated long-term financing solution of the Group.