On 20 December 2018 Ocean Yield ASA, together with the secured lenders to certain subsidiaries of Solstad Offshore ASA that previously were part of the Farstad Shipping Group, entered into a six month standstill period with respect to payment of interest, instalments and charter hire.
Albeit the negotiations for the restructuring of the Solstad Offshore ASA group are progressing, more time is required to find a sustainable solution to the financial situation of the Solstad Offshore ASA group. Ocean Yield has therefore agreed to extend the standstill period up to and including 31 October 2019.
The terms of the standstill will remain unchanged, and to the extent the cash in the subsidiaries exceeds NOK 300 million on a consolidated basis, the excess amount will be used for settlement of the delayed payments on a pro rata basis.
Read the article online at: https://www.drybulkmagazine.com/shipping/24062019/ocean-yield-extends-standstill-agreement-with-solstad-offshore-for-vessels/