Olympic Ship alerts in a stock market announcement that they have come to terms with the important actors of a full refinansieringsplan for the company.
the Plan must give the company financial breathing space until 2020, even in a scenario where few or none of the ships the company owns long-term contracts.
The first alert that something was going on came Friday morning when the Oslo stock Exchange suspended trade in the company’s two listed bond loans in anticipation of the message from the company.
the Plan’s main points are as follows:
** As a part of the plan are separated subsea business off into a separate company where it is shot into the 400 million in new equity, of which 110 million is the valuation of the operating companies entered in the new company.
** In the message called it is that the terms of the company’s bond loan is renegotiated with a combined effect that involves a gjeldsreduksjon of 395 million.
** In addition, all låneavdrag deferred to 2021, which reduces the kontantbehovet in the period of nok 1.5 billion.
** One of the lenders taking over the ships “Olympic Commander”, “Olympic Poseidon” and “Olympic Hera”.
** the Plan should reduce the company’s overall interest-bearing debt from nok 5.5 billion to nok 3.8 billion.
** In addition, verftskreditorene agreed to postpone the maturity of 89,5 million to 30. september 2021.
Stig Remøy, which today is the main shareholder in the shipping company, going in with 70 per cent of the shares in the new company. On the team has a three local investors, as well as one of their senior employees.
We have put in place a solution that is both long-term and sustainable. We ensure the majority of the business and the workforce, and the Olympic is refinanced until the end of October 2021. As a part of the solution is established and a new Olympic-company who provided the necessary capital to get through the economic downturn throughout the industry are now experiencing, ” says Stig Remøy, in a press release.
Skjebnetimer for offshorerederi in debt crisis
Alerts layoffs
But the sale of three vessels to one of the lenders, as well as the sale of “Olympic Athena”, which was notified earlier in the week leading up to that Olympic Ship no longer have a need for the crews of these ships.
Therefore expect the shipping company that they need to speak up about 80 employees, in addition to the fact that others may come to be laid off.
It is regrettable that we are forced to terminate as many great employees, and we would have been this without. At the same time makes the solution that we will be able to retain the bulk of our workforce. It has been an important objective for us, although today we also think of the colleagues who can’t be with Olympic on, ” says Remøy.
The new specialized subseaselskapet will take over the Olympic Ships 11 vessels within this segment. The new company, to be named Olympic Subsea, will also be the parent company in the group.
In today’s Olympic Ship your car there will be again five supply vessels and three vessels.
Can be settled before christmas
For that Remøys plan must, however, the owners of the company’s two listed bond loans totalling 690 million accepted to realize large losses.
They are offered to exchange their bonds in the a convertible loan of nok 60 million which can be converted to 13 per cent of the shares in the new company as well as an unsecured loan of nok 300 million.
Both loans to get five and a half year term.
In the press release states that the obligasjonseiermøtene is expected to be held around 22. December of this year.
It is a prerequisite that the plan can be implemented that the bondholders who own two-thirds of the two loans were votes for the plan. In børsmeldingen type, however, the Olympic Ship that they have already received support from a sufficient number of bondholders.
Long negotiations
Olympic Ship has fought in large parts of the current year in order to get a refinancing of milliardgjelden.
Since summer, the company has repeatedly been extended an agreement to only pay the interest on the debt to their financial creditors.
The last of the agreements to release to service the debt fully out of races up to 21. December.
the Case continues below the advertisement.
up: Olympic Ships Olympic Progress photographed when it was in circulation last summer.
Norwegian offshorerederier expanded sharply in the years leading up to the oljeprisfallet that started in the summer of 2014.
With borrowed money, it was commissioned ever larger and more expensive ships.
When oljeprisfallet led to that the oil companies ‘ need for such ships is not increased as expected and that all the new ships came on the market, it is today almost impossible to get hired out offshoreskip on terms that are in the vicinity of to service their debt.
Havilah avoids bankruptcy
Neighborhood wading in debt
In the Olympic Ships neighbourhoods in Fosnavåg in Sunnmøre are two shipping companies have been through similar rounds.
Rem Offshore, which was controlled by the Stig Remøys brother Åge, was forced to merge with the Aker-controlled Solstad Offshore after the completion of a refinancing. The merger will be formally completed in the same day as the Olympic Ship alerts message about the company.
a short while ago also got the Sævik family Havilah Shipping forward an agreement with the creditors after having negotiated on the issue in 13 months.
Common to the solutions is that the old owners shoot in new equity and that the loans part given the extended duration and in part are converted to shares.
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