BOURBON: Positive progress in negotiations with lenders
20 Avril 2018 - 6:30PM
Paris, April 20, 2018
BOURBON: Positive
progress in negotiations with lenders
As announced in its annual results
press release dated March 15, 2018, BOURBON has initiated
discussions with its main financial partners, both in France and
abroad, in order to balance the servicing of its debt with the
expected gradual market recovery and the corresponding upturn in
the group's performance.
As a consequence, a general waiver
should be finalized with BOURBON's leasers and debt holders in
order to allow the group to withhold all payments. Aiming at
enabling all parties to negotiate quickly within a secured legal
framework, this general waiver, that the group is confident to
obtain, also demonstrates the goodwill of all parties to achieve a
satisfactory debt reshaping.
In this context, the group has
suspended servicing both its leases and debt commitments, during
the negotiation period. This allows BOURBON to focus on its
operational priorities and market turnaround and should encourage
all parties to make negotiations as short as possible.
The group continues to implement
its #BOURBONINMOTION strategic plan, notably through its "Smart
Shipping" program and re-activation of vessels, thanks to a
preserved cash situation.
As part of the abovementioned
negotiation, BOURBON has requested the consent of the general
meeting of the Bondholders to defer by one year the next interest
payment date due under the Bonds for an approximate amount of €3.9
million due on April 24, 2018 on April 24, 2019, which shall bear
interest from October 24, 2018 (included) to April 24, 2019
(excluded) at the rate corresponding to the applicable rate to the
Bonds.
The general meeting held on April
20 has authorized BOURBON to postpone this interest payment by one
year, demonstrating once again the confidence of its financial
partners in its capability to benefit from market recovery and
implement the new and innovative strategy #BOURBONINMOTION.
The company is confident in its
ability to find before year end a balanced solution with all its
lenders - often long-standing partners - that suits all parties and
allows the company to adapt its financing to its future
development.
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 37 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
two operating Activities (Marine Services and Subsea Services) and
also protects the French coastline for the French Navy.
In 2017,
BOURBON'S revenue came to €860.6 million and the company operated a
fleet of 508 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 agency
Publicis 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 Communications |
|
Christelle Loisel |
|
+33 491 136 732 |
|
christelle.loisel@bourbon-online.com |
|
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information contained therein.
Source: BOURBON via Globenewswire