Aker blocks Rem Offshore bond restructuring

Rem-Supporter

Rem Offshore says a meeting of bondholders has failed to agree a restructuring agreement for the company.

Rem offshore said that bondholders controlling more than a third of the bonds in its REM04PRO bond issue rejected the terms of the proposed refinancing.

The company subsequently confirmed speculation that during the negotiations Aker Capital, which holds a sufficient number of bonds in REM04PRO to block the proposed restructuring, did not support it.

As a result, a proposed extraordinary general meeting, scheduled to be held on 21 July 2016, will be postponed.

It has also emerged that Aker, which was also heavily involved in the recent restructuring of Solstad Offshore, would like to see a merger between Rem Offshore and Solstad. It is understood that, in recent weeks, Aker has acquired a significant interest in the REM04PRO bond.

[oilpubs.com]

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