Olympic Ship in debt repayment discussions; lender standstill extended

By Caroline Salls

Pittsburgh, Oct. 3 – Olympic Ship AS is in discussions with its secured lenders in an effort to secure an adjustment to the repayment profile of its financial debt, according to a company news release.

In order to provide more time to secure a long-term solution for the benefit of all stakeholders, the company and the secured lenders agreed to extend their standstill agreement to Oct. 14 from Sept. 30.

As part of the standstill agreement, the Olympic Ship group will continue to pay interest to the finance providers, and the secured lenders agreed to postpone all amortization and maturities during the standstill period.

In anticipation of the successful outcome of the discussions with the secured lenders and bondholders, the group said it will continue to operate normally in all respects.

According to the release, the group’s liquidity remains stable in anticipation of an amended financing arrangement.

Fearnley Securities and Ernst & Young are serving as financial advisers and Wiersholm as legal adviser to assist the company in finding a long-term financing solution for the group.

Olympic is a Fosnavåg, Norway-based shipping company.

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