Rubicon Offshore holders authorize extension for amortization payment

By Jennifer Chiou

New York, April 26 - Rubicon Offshore Holdings Ltd. announced that holders agreed to extend the $15 million amortization payment due April 16 on the loan agreement for its senior secured callable bond issue 2007/2014 to May 16.

According to a notice from trustee Norsk Tillitsmann ASA, there were sufficient holders present to form a quorum, and the proposed resolution obtained 90.08% of the votes.

Rubicon Offshore asked the bondholders to extend the amortization payment date to allow restructuring discussions to take place.

As announced earlier this month, the company does not have enough funds available to make the payment, and it was in talks with an informal bondholders committee and other bondholders, which together hold more than 66 2/3% of the outstanding principal amount of the bonds, on a possible restructuring.

In exchange for the extension, the company already said that it would give the trustee and committee an update of the operational performance of the Rubicon Intrepid and Rubicon Vantage vessels each Tuesday until May 15.

In addition, Rubicon will make public by May 16 any non-public and price-sensitive information that would otherwise prevent trading of the bonds under insider dealing laws or regulations.

Rubicon is a Singapore-based offshore oilfield service company.

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