BOURBON Corporation and its sub-holding company BOURBON Maritime admitted to the reorganization proceedings
08 Août 2019 - 10:02AM
BOURBON Corporation and its sub-holding company BOURBON Maritime
admitted to the reorganization proceedings
Marseilles, August 8, 2019,
BOURBON Corporation and its sub-holding
company BOURBON Maritime admitted to the reorganization
proceedings
At the request of BOURBON Corporation and
BOURBON Maritime, the Court decided to open reorganization
proceedings on 7 August for the holding company Bourbon Corporation
and its sub-holding company Bourbon Maritime.
BOURBON Corporation had requested the opening of
reorganization proceedings further to the guarantees redeemed by
Chinese company ICBC Leasing for an amount exceeding 800 million
dollars.
While BOURBON Maritime was subject to a
conciliation procedure, the company requested the opening of
reorganization proceedings further to the acceleration by some
French creditors of the repayment of their debt, representing an
amount of 720 million euros, as well as contractual interest.
The reorganization proceedings concern only the
holding companies BOURBON Corporation and Bourbon Maritime and not
the operating companies, which can continue their operations
normally and continue to meet the needs of customers.
The objective of BOURBON Corporation and BOURBON
Maritime is to preserve the Group's operating activities in order
to actively participate in the emerging recovery of a profoundly
changing market. BOURBON is thus continuing the radical
transformation of its business model, with the deployment of
#BOURBONINMOTION strategic action plan.
In the context of this reorganization
proceedings, BOURBON will pay particular attention to the positive
outcome of negotiations with its financial partners in order to be
able to operate in a stabilized context that would result from a
financial restructuring that is fair to all and in the interest of
the company and its employees.
About the reorganization
proceedings
The reorganization proceedings are a collective
procedure that freezes the liabilities existing at the beginning of
the procedure during the observation period which can last up to 18
months. The purpose of this procedure is to enable the debtor to
present a plan for the continuation of his activities by
reorganizing his debt – which may be spread over a maximum period
of 10 years – and to ensure his recovery.
ABOUT BOURBON
Among the market leaders in marine services for
offshore oil & gas, BOURBON offers the most demanding oil &
gas companies a wide range of marine services, both surface and
sub-surface, for offshore oil & gas fields and wind farms.
These extensive services rely on a broad range of the
latest-generation vessels and the expertise of more than 8,400
skilled employees. Through its 29 operating subsidiaries the group
provides local services as close as possible to customers and their
operations throughout the world, of the highest standards of
service and safety.
BOURBON provides three operating activities
(Marine & Logistics, Mobility and Subsea Services) and also
protects the French coastline for the French Navy.
In 2018, BOURBON’S revenue came to €689.5
million and the company operated a fleet of 483 vessels.
Placed by ICB (Industry Classification
Benchmark) in the “Oil Services” sector, BOURBON is listed on the
Euronext Paris, Compartment B.
CONTACTS
BOURBON |
Media relations agencyPublicis
Consultants |
Investor Relations, analysts, shareholders
|
Vilizara Lazarova |
+33 140 138 607 |
+33 144 824 634 |
investor-relations@bourbon-online.com |
vilizara.lazarova@consultants.publicis.fr |
|
|
Corporate Communication |
|
Christelle Loisel |
|
+33 491 136 732 |
|
christelle.loisel@bourbon-online.com |
|
- BOURBON Press release-Reorganization proceedings-08082019