Olympic Ship secured lenders extend standstill agreement to Jan. 31

By Caroline Salls

Pittsburgh, Jan. 24 – Olympic Ship AS’ secured lenders extended their standstill agreement through Jan. 31 to allow the company to complete its restructuring, according to a news release.

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

As previously reported, the company obtained support for a financial restructuring of the group in December from all key stakeholders.

Olympic Ship said the completion of the restructuring is subject to approval by the requisite bondholder meetings and final documentation and agreements with the relevant stakeholders.

The company said the bondholders approved the required changes to the bond agreements.

According to the release, the restructuring is in its final phase, and the company expects it to be completed shortly.

Fearnley Securities and Ernst & Young are Olympic Ship’s financial advisers, and Wiersholm is its legal adviser.

Olympic is a shipping company based in Fosnavag, Norway.

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