Farstad Shipping and the investor Kristian Siem terminates redningsavtalen the parties signed in november.
Which happens after Farstad and Siem Oil Service Invest has not succeeded in finding a restruktureringsløsning that all creditors can accept.
Thus, the agreement between the two was terminated and Farstad will try to find other solutions in cooperation with the creditors, notify Farstad Thursday.
the Agreement with Siem
It was back in november Farstad and Siem entered into a so-called non-binding letter of intent in connection with the financial restructuring of the company.
according to the agreement would Farstad Shipping and Siem continue discussions with key stakeholders related to the Farstad group, in order to attempt to stack on the legs a “rescue package” for the continued operation of Farstad Shipping.
After the agreement was Siem, or a fund managed by Siem, be hovedinvestor.
Farstad dealer on – stop paying on the debt
While Farstad is working to come up with a plan to rescue the company has a so-called stand-still agreement given financial breathing space at that gjeldsbetalinger is stopped.
in Order to preserve liquidity will gjeldsbetalingene still be suspended. The agreement on get out, when im that expire 31. January still apply, join Farstad.
Kristian Siem has, through cooperation with hedgefondet Elliott Management, provided two billion that will be used for the restructuring of the crisis-hit supplybransjen.
The billion that disappeared – vekstbransjen which was the symbol of the oljenedturen
Avalanche of restructuring
the Market for offshoreskip has long been very challenging. This is due to the oljeprisfallet and subsequent falling activity and demand, coupled with considerable overcapacity.
The above has led to an avalanche of restructuring. Previously we have Solstad got Aker in the back and then devoured by REM Offshore, and it has been or is processes in companies such as DOF, Olympic Shipping, Havilah, and Siem Offshore.
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