Sea Production postpones bondholder meeting to Oct. 20 from Oct. 15

By Angela McDaniels

Tacoma, Wash., Oct. 10 – Sea Production Ltd. postponed the meeting for holders of its callable senior secured bonds, issue 2007/2012, to Oct. 20 from Oct. 15, according to a notice from Nordic Trustee ASA.

At the meeting, holders will vote on whether to approve some changes to the bonds.

As previously reported, the issuer wants to amend the bonds to reflect changes to the cash sweep mechanism and to take steps necessary to re-flag the vessel Front Puffin to Nigeria.

At least half of the voting bonds must be represented at the meeting in order to form a quorum, and the holders of at least two-thirds of the bonds represented at the meeting must vote in favor of the resolution in order for it to pass.

Sea Production makes floating production storage and offloading units and floating storage and offloading units. The company is based in Oslo.

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