Dolphin Group nixes notes consent solicitations following bankruptcy

By Angela McDaniels

Tacoma, Wash., Dec. 16 – Dolphin Group ASA canceled the bondholder meetings scheduled for Dec. 18 after declaring bankruptcy, according to a notice from bond trustee Nordic Trustee ASA.

As previously reported, the company was seeking consents from the holders of its senior bonds due 2018 and 2019 to defer the Dec. 5 interest payment until Feb. 15 due to limited liquidity.

It was also requesting a waiver of some covenants – in particular, a liquidity covenant – and obligations under the bond agreements.

Dolphin Group and its subsidiary, Dolphin Geophysical AS, filed for bankruptcy on Dec. 14.

Dolphin Group is a supplier of marine geophysical services based in Bergen, Norway.

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