Construction Set to Start on Nord Stream 2 Pipeline in Danish Waters
BERLIN, Jan 15 (Reuters) – The Russia-led Nord Stream 2 (NS2) consortium on Friday said preparatory work to complete the subsea gas pipeline to Germany in Danish waters can go...
French offshore services provider Bourbon Maritime has emerged from reorganization after eliminating 1.5 billion euros in debt.
Bourbon’s recovery plan was approved this week by the Commercial Court of Marseilles, putting an end to the more-than-a-year long reorganization proceedings and allowing the company to complete its financial restructuring by year-end.
The agreement allows for the reduction of debt from 2.648 billion euros to 1.065 billion euros, including 228 million euros in bonds redeemable for shares, issued by Société Phocéenne de Participations, which acquired 100% interest in Bourbon Maritime in December 2019. It also provides financing of up to 50 million euros, repayable over 3 years.
Bourbon entered into reorganization proceedings in August 2019 after the Chinese leasing company ICBCL activated payment guarantees from Bourbon amounting to more than $800 million. The agreement will result in ICBCL becoming a 18% equity partner along with Standard Chartered Bank, which will take a 10% stake.
Bourbon has set a target of reducing its fleet size to less than 350 vessels by the end of 2021, down from 458 vessels currently.
Société Phocéenne de Participations (SPP) is a company owned by a group of French banks including BNP Paribas, Crédit Agricole, Crédit Mutuel, BPCE and Société Générale.
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