Seismic firm Polarcus going into liquidation

Seismic firm Polarcus is set to be wound down and delisted from the Oslo Stock Exchange following an order made by the Grand Court of the Cayman Islands.

The court made an order on 21 June placing Polarcus into official liquidation and appointed David Griffin and Andrew Morrison of FTI Cayman and Lisa Rickelton of FTI London as joint official liquidators (JOLs).

The JOLs will oversee the orderly winding down of the company, and, as part of the process, they intend to seek the delisting of Polarcus from the Oslo Stock Exchange.

To remind, in January lenders took control of the company’s vessels after a debt payment default and decided to sell them and let go all the employees.

At the beginning of February, joint provisional liquidators (JPLs) were appointed to take all necessary steps to develop and propose a restructuring of Polarcus’ financial indebtedness with a view to making a compromise or arrangement with the company’s creditors.

Since the appointment, the JPLs have negotiated the restructuring of the convertible bonds.

The JPLs have completed the necessary restructuring efforts and determined that Polarcus remained unable to pay its debts as they fall due and that it is in the best interests of the company to be placed into official liquidation.

In view of the insolvency of Polarcus, there will not be any return from the liquidation to the company’s shareholders.