Marine Subsea falls short of consents to amend series II bond agreement

By Tali David

Minneapolis, Nov. 14 - Marine Subsea Cyprus Holdings Ltd.'s latest meeting to vote on whether to pursue litigation on its series II senior secured bonds that could yield as much as $78 million was not successful, according to a notice from bond trustee Norsk Tillitsmann ASA.

At the meeting on Oct. 29, 58.84% of the votes were cast in favor of that proposal, which, according to the voting requirements of the bond agreement, was not sufficient for adoption.

There were sufficient bondholders to form a quorum.

Oslo-based Marine Subsea is an international offshore support company with a main focus in West Africa.

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