Olympic Shipping, a Norwegian provider of inspection, maintenance, and repair vessels, has reached an extension of the standstill agreement with its secured lenders up to and including October 14, 2016.
The initial agreement, running up to September 30, was reached in July this year with the aim of securing adjustment to the repayment profile of the financial debt of the company and its subsidiaries.
As part of the extended standstill agreement, the Olympic Group will continue to pay interest to the finance providers and the secured lenders have agreed to postpone all amortization and maturities during the standstill period.
The company said its liquidity remains stable for the period to come in anticipation of an amended financing arrangement.
Fearnley Securities and EY serve as financial advisors and Wiersholm as legal advisor to assist the company in its process of securing long-term financing solution of the Group.