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Offshore Support Journal

Offshore Support Journal

Bourbon finalises debt restructuring deal

Mon 31 Jul 2017 by David Foxwell

Bourbon finalises debt restructuring deal
Bourbon has reorganised its debt and says it is in good shape to emerge from the downturn in the offshore vessel industry

Bourbon says the conditions precedent to the debt rescheduling agreement announced in March 2017 have been fulfilled and the company has finalised its debt rescheduling.

It said the agreement was a “solid foundation” for the success of its action plan, which aims to preserve and strengthen its cashflow in order to emerge stronger from the current downturn.

In recent months Bourbon has signed an agreement with ICBC Financial Leasing that will restructure payments due under leasing transactions entered into in 2013 and 2014 and said it had reached “a sustainable reorganisation” of the major part of its debt, a sum amounting to €910.8M (US$1Bn).

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