The Company is pleased to announce that it and the Group have successfully completed its comprehensive balance sheet restructuring, securing a fully consensual deal among all key stakeholders, including shareholders, 1L Bondholders, 2L Bondholders and the Bank Vessel Facility lenders.
The Group has retained its existing fleet of 5 operating vessels while substantially reducing its debt by USD 610 million. The Group has also enhanced its liquidity position by securing a new $100 million Revolving Credit Facility and reducing its debt service.
The Company is exiting its restructuring process well positioned to tender for new business as the market recovers, thanks to its significantly deleveraged and well-capitalized balance sheet, and with the continued support of its stakeholders and existing senior leadership.
For further information, please contact:
Peter Jacobsson, CEO, Floatel International AB
Tel: + 46 31 352 07 00; Mob: +46 76 856 36 18
Tomas Hjelmstierna, CFO, Floatel International AB
Tel: + 46 31 352 07 00; Mob: +46 70 261 09 01