French offshore services provider Bourbon says it has reached a deal with its lenders to temporarily withhold payments and servicing of its debt as the group seeks a “balanced solution” with its creditors.
Bourbon announced Tuesday it signed a general waiver with its leasers and debt holders representing the majority of its debt which will allow it to withhold the payments on its loans and the servicing of its debt.
Bourbon says the waiver will help protect the group by allowing it to stay focused on its operational priorities and on the implementation of its previously-announced strategic plan that will involve reorganizing the company into three distinct business units to better position it for a recovery in the oil and gas market.
“The company remains 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,” Bourbon said in a statement on Tuesday.
Bourbon has been in discussions with its main financial partners since at least March and has remained confident that it can come up with a solution with all its lenders by year-end.
In its 2017 annual results release in March, Bourbon report net debt of more than 1.3 billion euros.
On Wednesday, Bourbon announced the resignation of Astrid de Bréon from her position as Chief Financial Officer.
“Since her arrival on the 1st of February, 2017, Astrid de Bréon has largely contributed to BOURBON’s transformation and to the sustainable reorganization of the company’s financial debt. She will continue with her duties till her replacement and departure from the company,” Bourbon said in its announcement.