Sea Production bondholders approve extension of maturity to March 14

By Angela McDaniels

Tacoma, Wash., Feb. 26 - Sea Production Ltd. received bondholder approval to extend the maturity of its $130 million senior secured callable bonds to March 14, 2014 from Feb. 14, 2014, according to a notice from bond trustee Norsk Tillitsmann ASA.

Bondholders voted on the extension at a meeting on Feb. 26. There were enough bondholders present to form a quorum, and the extension obtained 100% of the votes.

The maturity extension was contingent on the company making the interest payment due Feb. 14.

On Feb. 14, the trustee said Sea Production did not have enough funds available to repay the bonds in full on the original maturity date.

The extension will allow restructuring talks with an informal bondholder committee to continue. The talks include the possibility of a further maturity date extension.

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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