Dolphin waiting for nod from lenders to avoid liquidation

Dolphin Group, a Norwegian seismic surveyor, has hinted it might be forced to file for insolvent liquidation if its lenders reject its debt restructuring proposals.

Commenting on the progress of its restructuring plan, the company, providing marine seismic services to oil and gas industry, on Wednesday said it has continued “to work closely with its advisors on various proposals, but is yet to reach an agreement with the Group’s main stakeholders that will allow for a successful completion of the restructuring.”

Earlier this month, the company asked for a deferral of interest payment due on December 5, to be postponed until February 15, 2015, to maintain its liquidity. The company has also asked from bondholder to refrain from taking any enforcement or similar action against “Dolphin or any subsidiary of Dolphin or any of their assets.”

In a statement issued on Wednesday, Dolphin Group said that without a firm solution accepted by the group’s main stakeholders, and in light of its financial situation, the board of directors of the company is of the opinion that Dolphin Group’s current business cannot be continued as it is currently carried out.

“The Board of Directors has on such basis resolved to search for alternative solutions, and unless a sufficiently acceptable solution has soon been reached with the Group’s relevant stakeholders, the Company will have no choice but to file for insolvent liquidation of the Company,” Dolphin Group said in a statement.

Offshore Energy Today Staff



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