Ocean Yield announces restructuring implementation agreement with Solstad Offshore for the vessels Far Senator and Far Statesman
Reference is made to Ocean Yield ASA’s stock exchange notice on 31 March 2020 where Ocean Yield informed that its fully owned subsidiary, F-Shiplease AS, had agreed on a plan to finalize the negotiations for an agreement in relation to the financial restructuring of Solstad Offshore ASA (“SOFF”) and its subsidiaries for the vessels Far Senator and Far Statesman, the company said in its release.
F-Shiplease AS has entered into a Restructuring Implementation Agreement (“RIA”) with SOFF on the same terms as disclosed in Ocean Yield’s stock exchange notice of 31 March 2020.
The effectiveness of the RIA is conditional on credit committee approvals with the senior finance parties of SOFF. The implementation of the restructuring of SOFF is further subject to the approval of its general meeting, relevant bondholders’ meetings, agreement on long form documentation and related customary condition precedent documentation. The closing of the restructuring is expected to take place in July 2020, however, the RIA has a long stop date which can be extended to 8 November 2020 if more time is required.